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Statement of financial position at the start of the week: ASSETS Property 180,000 Machinery 70,000 Inventories 40,000 Trade receivables 38,000 Total assets 328,000 EQUITY

Statement of financial position at the start of the week:

ASSETS

£

Property

180,000

Machinery

70,000

Inventories

40,000

Trade receivables

38,000

Total assets

328,000

EQUITY AND LIABILITIES

£

Equity

250,000

Short-term borrowing

48,000

Trade payables

30,000

Total equity and liabilities

328,000

Transactions:

(a) Sold inventories for £15,000 cash; these inventories had cost £10,000.

(b) Sold inventories for £20,000 on credit; these inventories had cost £14,000.

(c) Received cash from trade receivables totaling £18,000.

(d) The owners of the business introduced £110,000 of their own money, which was placed in the business bank account.

(e) The owners bought a car, valued at £12,000, into the business.

(f) Bought inventories on credit for £13,000.

(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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