Given:Opening capitaL................₦7 000 Additional capital.............₦3 500 Net............................₦2 500 Closing........................₦10 2...
Question 1 Report
Given:Opening capitaL................₦7 000
Additional capital.............₦3 500
Net............................₦2 500
Closing........................₦10 250The drawings for the period stand at?
Answer Details
To find out the drawings for the period, we need to calculate the difference between the opening capital and the closing capital, while taking into consideration any additional capital introduced during the period.
The calculation is as follows:
Opening capital + Additional capital - Drawings = Closing capital
Substituting the given values, we have:
₦7,000 + ₦3,500 - Drawings = ₦10,250
Solving for Drawings, we get:
Drawings = ₦7,000 + ₦3,500 - ₦10,250
= ₦10,500 - ₦10,250
= ₦250
Therefore, the amount of drawings for the period is ₦250. Option C - ₦2500 is incorrect as it is the value of the net, not the drawings. Option D - ₦2570 is also incorrect as it is neither a given value nor the correct calculation.
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