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Statement of financial position at the start of the week: ASSETS Property 190,000 Lab Equipment 78,000 Inventories 25,000 Trade receivables 36,000 Total assets 329,000

Statement of financial position at the start of the week:

ASSETS

£

Property

190,000

Lab Equipment

78,000

Inventories

25,000

Trade receivables

36,000

Total assets

329,000

EQUITY AND LIABILITIES

£

Equity

240,000

Short-term borrowing

52,000

Trade payables

37,000

Total equity and liabilities

329,000

Transactions:

(a) Sold inventories for £13,000 cash; these inventories had cost £9,000.

(b) Sold inventories for £21,000 on credit; these inventories had cost £15,000.

(c) Received cash from trade receivables totaling £20,000.

(d) The owners of the business introduced £125,000 of their own money, which was placed in the business bank account.

(e) The owners bought a van, valued at £14,000, into the business.

(f) Bought inventories on credit for £12,000.

(g) Paid trade payables £10,000.

Required:

Show the statement of financial position after all of these transactions have been reflected.

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