General Electric Company
Initial Financial Position (30 November 2020):

• Creditors: $3,600,000
• Equipment: $15,500,000
• Motor vehicle: $8,500,000
• Stock of goods: $10,500,000
• Debtors: $6,800,000
• Cash at bank: $17,500,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2020:
(a) General Electric bought extra equipment on credit for $2,400,000.
(b) General Electric bought extra stock by cheque $800,000.
(c) General Electric paid creditors by cheque $1,400,000.
(d) Debtors paid General Electric $1,000,000 by cheque and $70,000 by cash.
(e) General Electric put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2020 after the above transactions have been completed.