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CA Foundation · Accounting · Accounts from Incomplete Records

Mohan has no record of cash drawings. His cash summary shows: opening cash Rs 8,000; cash sales Rs 2,10,000; collections from debtors Rs 1,40,000; cash deposited in bank Rs 2,00,000; cash purchases Rs 70,000; expenses paid Rs 55,000; closing cash Rs 13,000. If the only missing item is cash drawings, what is the amount of drawings?

Drawings are Rs 20,000. Total cash receipts including opening balance are Rs 3,58,000. Bank deposits, purchases, expenses and closing cash account for Rs 3,38,000. The balancing figure of Rs 20,000 is the unrecorded drawings, which acts as the missing figure on the payments side.

  1. ARs 20,000Correct
  2. BRs 15,000
  3. CRs 25,000
  4. DRs 18,000

Explanation

Receipts: 8,000+2,10,000+1,40,000 = 3,58,000. Known payments: 2,00,000+70,000+55,000+13,000 closing = 3,38,000. Drawings = 3,58,000 − 3,38,000 = 20,000. Check: 3,38,000+20,000 = 3,58,000. Forgetting closing cash would give Rs 33,000.

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