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I need the answer as soon as possible A business is established with capital of $2,000 and this amount is paid into a business bank
I need the answer as soon as possible
A business is established with capital of $2,000 and this amount is paid into a business bank account by the proprietor. During the first year's trading, the following transactions occurred: $ Purchases of goods for resale, on credit 4,300 Payments to trade payables 3,600 Sales, all on credit 4,000 Payments from receivables 3,200 Non-current assets purchased for cash 1,500 Other expenses, all paid in cash 900 The bank has provided an overdraft facility of up to $3,000. All 'other expenses' relate to the current year (ie no accruals or prepayments). Closing inventories of goods are valued at $1,800. (This is the first year of the business, so there are no opening inventories.) Ignore depreciation and drawings. Required Prepare the ledger accounts, an income statement for the year and a statement of financial position as at the end of the yearStep by Step Solution
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