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ACCA Applied Knowledge · Financial Accounting · Incomplete records

Nadia has no record of her drawings. Her bank statements show total cash banked of $54,000, all from takings. Takings were $60,000 for the year. She paid $4,500 of expenses in cash from the till and increased her till float by $300. Assuming the remainder was taken as drawings, what were her cash drawings?

Cash drawings were $1,200. Takings not banked were $6,000 (60,000 less 54,000). From this, $4,500 paid expenses and $300 increased the till float, leaving $1,200 taken by the owner. Ignoring the float increase would wrongly give $1,500.

  1. A$1,200Correct
  2. B$1,500
  3. C$900
  4. D$5,100

Explanation

Cash takings 60,000 less banked 54,000 leaves 6,000 not banked. Of this, 4,500 paid expenses and 300 increased the float, so drawings = 6,000 - 4,500 - 300 = 1,200. Ignoring the float increase gives 1,500.

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