Use the following information to answer the given question \(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d}...
Question 1 Report
Use the following information to answer the given question
\(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d} & & & 2,000 \\ \text{3/1/06 '23456'} & 500 & & 1,500\\ \text{4/1/06 Deposit} & & 1,000 & 2,500\\ \text{5/1/06 Deposit} & & 1500 & 4,000\\ \text{6/1/06 '23457'} & 3,000 & & 1,000\end{array}\)
Total withdrawal is
\(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d} & & & 2,000 \\ \text{3/1/06 '23456'} & 500 & & 1,500\\ \text{4/1/06 Deposit} & & 1,000 & 2,500\\ \text{5/1/06 Deposit} & & 1500 & 4,000\\ \text{6/1/06 '23457'} & 3,000 & & 1,000\end{array}\)
Total withdrawal is
Answer Details
To find the total withdrawals, we need to calculate the balance after each transaction and see how much it has decreased from the previous balance.
Starting balance (2/1/06): ₦2,000
3/1/06: ₦2,000 - ₦500 = ₦1,500
4/1/06: ₦1,500
5/1/06: ₦1,500
6/1/06: ₦1,500 - ₦3,000 = -₦1,500
Since the balance is negative at the end, it means there were more withdrawals than deposits. To find the total withdrawals, we take the absolute value of the final balance:
Total withdrawals = ₦1,500
Therefore, the correct answer is ₦3,500.
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