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A trainee accountant produced the following summarised statement of financial position for Hui Co at the end of its most recent financial year. (Click here
A trainee accountant produced the following summarised statement of financial position for Hui Co at the end of its most recent financial year. (Click here to view the financial data.) After this financial statement was prepared, it was discovered that the following transactions, which took place on the last day of the financial year, had not been taken into account: 1. A motor van for making deliveries was acquired for 20,000 and was financed by a long-term loan. 2. Inventories costing 10,000 were acquired on credit. 3. The owner introduced a motor car into the business, which was valued at 15,000. In addition, it was found that a machine purchased for use within the business for 9,000 had been incorrectly included as part of inventories. Required: Produce a revised statement of financial position for the business using the pro-forma statement provided below
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