Accounting for IGCSE & O level - Accounting Procedures (Section 21 - No. 39)
What will be the effect when a drawing of £6,000 has not been recorded?
The assets are understated and the capital is understated.
The assets are overstated and the capital is overstated.
The assets are understated and the drawings overstated
No impact on assets, and capital is understated.
Explanation
The assets and the capital will be affected.
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