2.8 The statement of financial position of a business at the start of the week is as follows:

During the week the following transactions took place:

(a) Sold inventories for £11,000 cash; these inventories had cost £8,000.

(b) Sold inventories for £23,000 on credit; these inventories had cost £17,000.

(c) Received cash from trade receivables totalling £18,000.

(d) The owners of the business introduced £100,000 of their own money, which was placed in the business bank account.

(e) The owners bought a motor van, valued at £10,000, into the business.

(f) Bought inventories on credit for £14,000.
(g) Paid trade payables £13,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.

Transcribed Image Text:

ASSETS Property 145,000 Furniture and fittings 63,000 Inventories 28,000 Trade receivables 33,000 Total assets 269,000 EQUITY AND LIABILITIES Equity 203,000 Short-term borrowing (bank overdraft) 43,000 Trade payables 23,000 Total equity and liabilities 269,000