Use the information to answer questions 40 and 41. Capital balances b/d:.....P.............₦20,000 ..........................K.............₦10,000 Drawings:...
Question 1 Report
Use the information to answer questions 40 and 41.
Capital balances b/d:.....P.............₦20,000
..........................K.............₦10,000
Drawings:.................P.............₦2, 000
..........................K.............₦1, 000
Share of profits:.........K.............₦4, 000
..........................K.............₦2, 000
Salary....................P.............₦1, 000
Interest on drawings:.....K.............₦100
..........................K.............₦20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
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