Michael Buys and Sells Second Hand Goods for Cash

Multiple Choice

Michael buys and sells second hand goods for cash. During the financial year ended 31 October 2019, his total cash takings were £150,325. He paid £70,895 to sellers of goods and paid £50,240 into his bank account. His cash balance at 1 November 2018 was £495 and he had cash in the till of £525 at 31 October 2019. Michael takes money out of his cash takings to pay for his personal living expenses. What were Michael's drawings in the financial year ended 31 October 2019?

A) £28,170
B) £29,160
C) £29,190
D) £29,220