Question
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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