A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2018 · Q61 Mark
A sole trader withdraws goods for his own use. How does this affect his financial statements? income statement statement of financial position
Adecrease closing inventories decrease drawings
Bdecrease cost of goods sold increase drawings
Cincrease cost of goods sold decrease drawings
Dincrease sales revenue increase drawings
✓ Correct answer
B: decrease cost of goods sold increase drawings
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