Question
Statement of financial position at the start of the week: ASSETS Property 175,000 Solar Panels 85,000 Inventories 30,000 Trade receivables 37,000 Total assets 327,000
Statement of financial position at the start of the week:
ASSETS | € |
Property | 175,000 |
Solar Panels | 85,000 |
Inventories | 30,000 |
Trade receivables | 37,000 |
Total assets | 327,000 |
EQUITY AND LIABILITIES | € |
Equity | 245,000 |
Short-term borrowing | 50,000 |
Trade payables | 32,000 |
Total equity and liabilities | 327,000 |
Transactions:
(a) Sold inventories for €11,000 cash; these inventories had cost €8,000.
(b) Sold inventories for €24,000 on credit; these inventories had cost €18,000.
(c) Received cash from trade receivables totaling €17,000.
(d) The owners of the business introduced €115,000 of their own money, which was placed in the business bank account.
(e) The owners bought a generator, valued at €12,000, into the business.
(f) Bought inventories on credit for €14,000.
(g) Paid trade payables €13,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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