Activity Class Questions Question 1: Adan started a new business on 1 June. During the first month of her business the following transactions took place: (a) Adan opened a bank account in the name of her business and transferred $200,00 of her own money (b) She borrowed $50,00 from the Commercial Loan Company and paid the money into tho to it. bank account (c) She paid $70,000 for a building of office (d) She paid $8,000 for a business delivery van (e) She bought goods for resale (inventories) for $20,000, paying immediately, and further goods for $30,000, on credit (0 She sold goods, which had cost $25,000, for $40,000; $10,000 of this revenue was for cash and the remaining $30,000 was on credit. (8) She paid staff wages for June totaling $2500. (h) She received $9,000 from trade receivables Open a statement of financial position (Balance sheet) for Adan's business Question2: ABC is a local business with the following accounts information at the end of 2014 Inventories Trade payables Long-term loarn $ 30,000 Plant and equipment Profit (2013) 9 Salaries payables Trade receivables S 50,000 $ 28,000 S 10,000 $ 80,000 25,000 S 65,000 35,000 Property Eid S 20,000 :0 Van Drawings Cash Prepare Balance sheet for the above data. $ 5 S 8,000 ABC capital,beginning of 2013 S 100,000 Question 3: Calculate Gross Profit Item Opening inventories Purchases during the year Closing inventories Sales revenue Amount $50,000 $30,000 $35,000