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please explain to me how ive gone wrong. thanks A trainee accountant produced the following summarised statement of financial position for Sirocco Co at the
please explain to me how ive gone wrong. thanks
A trainee accountant produced the following summarised statement of financial position for Sirocco Co at the end of its most recent financial year. (Click here to view the statement of financial position.) After this financial statement was prepared, it was discovered that the following transactions, which took place on the last day of the financial year, had not been taken into account: 1. Inventories, which cost 15,000, were sold on credit for 15,000. 2. A trade payable for 17,000 was paid. 3. The owner introduced a motor car valued at 14,000. In addition, it was found that an injection of funds by the owner for 45,000 during the year had been treated as a long-term loan. Required: Produce a revised statement of financial position for the business using the pro-forma statement provided below. (Fill in the relevant cells with its corresponding figures.) \begin{tabular}{|l|r|} \hline & \\ \hline Assets & \\ \hline Non-current assets & 246,000 \\ \hline Current assets & 182,000 \\ \hline Total assets & 428,000 \\ \hline Equity and Liabilities & \\ \hline Equity & 145,000 \\ \hline Non-current liabilities & 210,000 \\ \hline Current liabilities & 73,000 \\ \hline Total equity and liabilities & 428,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{2}{|l|}{ Statement of financial position as at end of most recent financial year } \\ \hline & \multicolumn{1}{|c|}{} \\ \hline Assets & \\ \hline Non-current assets & 260,000 \\ \hline Current assets & 165,000 \\ \hline Total assets & 425,000 \\ \hline Equity and Liabilities & \\ \hline Equity & 204,000 \\ \hline Non-current liabilities & 165,000 \\ \hline Current liabilities & 56,000 \\ \hline Total equity and liabilities & 425,000 \\ \hline \end{tabular}Step by Step Solution
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