Question
In the course of preparing his balance sheet as at 31st December 2010, Mwanibu found out that he had capital amounting to Kshs. 120,000 in his business. During the year, the investment totaled to Kshs. 50,000, while monthly drawings were Kshs. 5,000. Calculate his capital as at 1st January 2010 if the profit was Kshs. 38,000.
Answer
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