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IAS 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › IAS 1

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
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  • June 26, 2021 at 10:35 am #626375
    nazmana
    Member
    • Topics: 8
    • Replies: 4
    • ☆

    Huxley is a retailer whose sales are all on cash terms. During 2016 his bank account shows cash banked of $47650, which included $220 form his own private funds. Huxley estimates that he drew about $150 per month from the till to cover private living expenses, and he also paid casual wages of $20 per week in cash.
    sir the answer was
    47650+1800+1040+260 -310-220=50220
    i just want to know why this private fund of 220 is deducted?

    June 26, 2021 at 2:20 pm #626386
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51582
    • ☆☆☆☆☆

    You have not written what the question was asking for!

    June 26, 2021 at 7:45 pm #626402
    nazmana
    Member
    • Topics: 8
    • Replies: 4
    • ☆

    THE question was

    if the cash in till amounted to $310 on january 2006 and $260 on 31st december 2006 wat was the huxleys sales figure for the year

    June 27, 2021 at 8:14 am #626430
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51582
    • ☆☆☆☆☆

    The answer is calculated the cash received from sales.

    The cash banked of 47,650 is not all received from customers because it includes 220 of the owners own money that he has paid into the businesses bank account. Therefore the 220 needs subtracting to find out how much of the cash came from customers.

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