Calculate values of opening and closing inventory from the following revenue from operation is 6 lakh GP ratio is 25% inventory turnover ratio is 5 times closing inventory is 12000 more than the opening inventory
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Record a cash withdrawal. Credit or decrease the cash account, and debit or increase the drawing account. The cash account is listed in the assets section of the balance sheet. For example, if you withdraw $5,000 from your sole proprietorship, credit cash and debit the drawing account by $5,000.
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