Citigroup Inc.
Initial Financial Position (30 November 2017):

• Creditors: $2,700,000
• Equipment: $12,500,000
• Motor vehicle: $7,200,000
• Stock of goods: $9,500,000
• Debtors: $6,500,000
• Cash at bank: $17,000,000
• Cash in hand: $60,000

The capital at that date is to be deduced by you.
During the first week of December 2017:
(a) Citigroup bought extra equipment on credit for $2,200,000.
(b) Citigroup bought extra stock by cheque $750,000.
(c) Citigroup paid creditors by cheque $1,300,000.
(d) Debtors paid Citigroup $1,000,000 by cheque and $80,000 by cash.
(e) Citigroup put in an extra $300,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2017 after the above transactions have been completed.