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Use the information below to answer the question that follows:Rakiya and Joy are...


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Use the information below to answer the question that follows:

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, ₦200 on March 31 and ₦300 on September 30. Joy, ₦100 on April 1 and ₦240 on July 1.

Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

Options

A)
₦340,000 credit
B)
₦349,75 debit
C)
₦500.00 credit
D)
₦511.25 debit

The correct answer is C.


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