General Motors Company
Initial Financial Position (30 November 2018):

• Creditors: $2,900,000
• Equipment: $13,500,000
• Motor vehicle: $7,800,000
• Stock of goods: $10,500,000
• Debtors: $6,800,000
• Cash at bank: $18,500,000
• Cash in hand: $70,000

The capital at that date is to be deduced by you.
During the first week of December 2018:
(a) GM bought extra equipment on credit for $2,300,000.
(b) GM bought extra stock by cheque $800,000.
(c) GM paid creditors by cheque $1,400,000.
(d) Debtors paid GM $1,100,000 by cheque and $80,000 by cash.
(e) GM put in an extra $350,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2018 after the above transactions have been completed.