2.4 The following is a list of the assets and claims of Crafty Engineering as at 30 June last year:

Trade payables 86

Motor vehicles 38

Long-term borrowing from Industrial Finance Company 260

Equipment and tools 207

Short-term borrowings 116

Inventories 153

Property 320

Trade receivables 185

Required:

(a) Prepare the statement of financial position of the business as at 30 June last year from

the above information using the standard layout. (Hint: There is a missing item that

needs to be deduced and inserted.)

(b) Discuss the significant features revealed by this financial statement.

2.1 On Thursday, the fourth day of his business venture, Paul, the street trader in wrapping

paper (see earlier in the chapter, pages 2937), bought more inventories for 53 cash.

During the day he sold inventories that had cost 33 for a total of 47.

Required:

Draw up the three financial statements for Pauls business venture for Thursday