Search SchoolNGR

Sunday, 05 April 2026
Register . Login

Tea and Cup are into a partnership business. Interests on drawings made by partners are ...

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
  • A 36,925Cr
  • B 40,000Cr
  • C 50,000Dr
  • D 36,295Dr
Correct Answer: Option A
Explanation:

Drawings: 3000 + 2000 + 4000 + 1500 + 2500 = 13000

Share question on: