Question
Statement of financial position at the start of the week: ASSETS $ Property 210,000 Office Equipment 85,000 Inventories 40,000 Trade receivables 42,000 Total assets 377,000
Statement of financial position at the start of the week:
ASSETS | $ |
Property | 210,000 |
Office Equipment | 85,000 |
Inventories | 40,000 |
Trade receivables | 42,000 |
Total assets | 377,000 |
EQUITY AND LIABILITIES | $ |
Equity | 285,000 |
Short-term borrowing | 55,000 |
Trade payables | 37,000 |
Total equity and liabilities | 377,000 |
Transactions:
(a) Sold inventories for $14,000 cash; these inventories had cost $11,000.
(b) Sold inventories for $23,000 on credit; these inventories had cost $16,000.
(c) Received cash from trade receivables totaling $18,000.
(d) The owners of the business introduced $140,000 of their own money, which was placed in the business bank account.
(e) The owners bought a motorbike, valued at $15,000, into the business.
(f) Bought inventories on credit for $18,000.
(g) Paid trade payables $12,000.
Required:
Show the statement of financial position after all of these transactions have been reflected.
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