Tesla Inc.
Initial Financial Position (30 November 2014):

• Creditors: $3,000,000
• Equipment: $13,500,000
• Motor vehicle: $8,500,000
• Stock of goods: $11,000,000
• Debtors: $7,000,000
• Cash at bank: $19,000,000
• Cash in hand: $80,000

The capital at that date is to be deduced by you.
During the first week of December 2014:
(a) Tesla bought extra equipment on credit for $2,800,000.
(b) Tesla bought extra stock by cheque $900,000.
(c) Tesla paid creditors by cheque $1,500,000.
(d) Debtors paid Tesla $1,200,000 by cheque and $90,000 by cash.
(e) Tesla put in an extra $500,000 cash as capital.
You are to draw up a balance sheet as on 7 December 2014 after the above transactions have been completed.