Use the information below to answer questions ........................1/7/2005............30/6/2006 Drawings.....................................₦3 000 Capi...
Question 1 Report
Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................₦3 000
Capital.................25 000...............₦42 500
Furniture...............6 500...............₦10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?
Answer Details
The additional capital is calculated as 300% of the drawings, which is equal to 3 times the amount of the drawings. From the information given, the drawings amount to ₦3,000 for the year.
Therefore, the additional capital is calculated as 3 x ₦3,000 = ₦9,000.
So, the amount of additional capital is ₦9,000.
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