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The following information is available for a sole trader who keeps no accounting records
$
Net Business assets at 1 July 2004 186,000
Net Business assets at 30 June 2005 274,000
Cash drawings by proprietor ???
Additional Capital Introduced by proprietor 50,000
Business cash used to buy a car for the proprietor’s wife who takes no part in the business 20,000
Net profit for the year 126,000What was the cash drawings during the year ended 30 June 2005?
A $20,000
B $108,000
C $88,000
D $68,000Okay. So my question is..The cash drawings is $68,000 as represented by the ??? BUT
is that the answer or will it be $88,000…including the $20,000 used to buy the car?This question is not relevant to ACCA F1. Perhaps you should repost on the F3 forum.
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