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On 1 January 2018, financial assets were $40,000 of which shares valued at $10,000 and the remainder are currency and deposits. Short term and long-term

On 1 January 2018, financial assets were $40,000 of which shares valued at $10,000 and the remainder are currency and deposits. Short term and long-term liabilities were $4000 and $6000, respectively. Suppose households conducted the following transactions in 2018

  1. Spends $35,000 on consumption
  2. Receives $37,000 in wages and salaries
  3. Sells $6,500 worth of shares
  4. Repays $1,500 short-term and $2,500 long-term loans.

In addition, the value of shares increased by 10% and households received $1500 worth of food voucher. Determine the household balance sheet as at 31 Dec 2018 and it revaluation account for 2018. 

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HOUSEHOLDS BALANCE SHEET AS AT 31ST DECEMBER 2018 ASSETS Investment in Shareswk 3 11000 Cash wk 1 36... blur-text-image

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