Vikram is a partner in a business. Partners do not receive salaries or interest on capital, but they are charged 5% interest on the balance of their drawings account.
Vikram made drawings of ＄40 000 during the year and his share of profits was ＄47 500.
His current account showed a credit balance of ＄4500 after the relevant entries were made at the end of the financial year.
What was the debit balance on Vikram’s current account at the beginning of the financial year?
＄1000
2 )
＄3000
3 )
＄5000
4 )
＄5500
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