Can You please give the solution to the question asked in IPCC ADVANCED ACCOUNTING MAY18
QUESTION 7 A.
A person commenced business with 60000 units @ Rs 20, sold all of them @ 30.
What is the maximum amount of drawing that he can make?
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Ipcc advanced accounting paper question 7 a
Replies (2)
Maximum drawings 60,000 * 30 = 18,00,000
The answer is the amount of profit he makes during the period.
Maximum drawings permissible to keep capital intact:
60,000 x Rs. 10 = 6 lac.
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