Use the information below to answer question . Capital ...................₦2000 Bank ......................₦1200 Purchase ..................₦2500 Sales .......
Question 1 Report
Use the information below to answer question .
Capital ...................₦2000
Bank ......................₦1200
Purchase ..................₦2500
Sales .....................₦6700
Stock .....................₦1300
Creditors .................₦1000
Fixed assets...............₦3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.Compute the amount withdrawn
Answer Details
The question states that "Drawings are always estimated at 50% of capital." Since the capital is given as ₦2,000, we can assume that the amount of drawings taken by the owner is half of this amount, or ₦1,000.
Therefore, the answer is option (D) ₦1,000.
This calculation is based on the assumption that the estimated percentage of drawings is always 50% of the capital. However, in practice, this may not be accurate for all businesses and owners.
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