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It would seem that there is an error in the addition on 1 Jan 10+2+8=20 not 18, so then 20-3-5 = 15
so a decrease in net assets was 1k and the owner withdrew 800, so the losses were 200?
Please someone help me here because I’ve spent a while on this and am not too sure if I’m right or not.Chapter 3 Q7
You are completely correct. There should be a decrease in net assets of 1000 and if drawings were 800 the loss would be 200.
Again our apologies and we will correct this very soon.
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