General Motors Company
Initial Financial Position (30 November 2019):

• Creditors: $2,100,000
• Equipment: $12,500,000
• Motor vehicle: $7,800,000
• Stock of goods: $9,000,000
• Debtors: $6,000,000
• Cash at bank: $15,000,000
• Cash in hand: $60,000

The capital at that date is to be deduced by you.
During the first week of December 2019:
(a) GM bought extra equipment on credit for $1,900,000.
(b) GM bought extra stock by cheque $650,000.
(c) GM paid creditors by cheque $1,100,000.
(d) Debtors paid GM $800,000 by cheque and $70,000 by cash.
(e) GM put in an extra $300,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2019 after the above transactions have been completed.