Accounting for IGCSE & O level - Accounting Procedures (Section 14 - No. 41)
If the drawings of £6,000 were omitted, what is the implication to the financial statements?
The balance sheet will be affected.
The drawings is overstated
The profits will be unaffected.
The assets will be understated.
Explanation
Drawing is affected by capital and the balance sheet, as it affects assets.
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