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Tom set up a business on 1 January. He bought Non-current assets costing 53,000 and Inventory costing 6,600. He had financed these in advance of

Tom set up a business on 1 January. He bought Non-current assets costing 53,000 and Inventory costing 6,600. He had financed these in advance of commencing business with a personal loan of 25,000 from his brother and a business loan from a bank. On 31 December of the same year his net assets totalled 37,200. His net profit for the year was 21,100. Tom's drawings during the year were:

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