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Joe, a sole trader, set up business on 1 October 20X6 with $40,000 of his own money. During the year to30 September 20X7 he won $50,000 on the lottery and paid $30,000 of this into his business. He tookcash drawings of $5,000 during the year and at 30 September 20X7 the net assets of the business totalled $59,000.

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