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If the opening balance of borrowings was $330 000, the closing balance was $550 000 and...

If the opening balance of borrowings was $330 000, the closing balance was $550 000 and a total of $240 000 was paid off the entity’s borrowings during the period, how much additional cash did the entity borrow during the period?

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Answer #1
Computation of additional cash borrowings of the entity using Reverse calculation method
Particulars Amount ($)
Closing balance of borrowings $550000
Add: Borrowings paid off during the year $240000
Less: Opening balance of borrowings ($330000)
Additional cash borrowings during the year $460000
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