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The following is a list of assets and claims of a cosmetics manufacturing business at a particular point in time: Short-term borrowings: 21,000 Property: 275,000

  1. The following is a list of assets and claims of a cosmetics manufacturing business at a particular point in time:
    • Short-term borrowings: £21,000
    • Property: £275,000
    • Inventories of raw materials: £19,000
    • Trade payables: £26,000
    • Plant and equipment: £135,000
    • Loan from Cosmetics Finance Co. (long-term borrowing): £102,000
    • Inventories of finished goods: £31,000
    • Delivery vans: £53,000
    • Trade receivables: £41,000

Required:

Draw up a statement of financial position incorporating these figures. (Hint: There is a missing item that needs to be deduced and inserted.)

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