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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
- 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.)Step by Step Solution
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