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The statement of financial position of a Tesco business at the start of the week is as follows: ASSETS Property Furniture and fittings Inventories Trade
The statement of financial position of a Tesco business at the start of the week is as follows: ASSETS Property Furniture and fittings Inventories Trade receivables Total Assets Equity and Liabilities Equity Short-term borrowings (Bank overdraft) Trade Payables Total Equity and Liabilities During the week, the following transactions take place: 150,000 68,000 32,000 37,000 287,000 208,000 48,000 31,000 287,000 1. Sold inventories for 16,000 cash; these inventories had cost 10,000. 2. Sold inventories for 28,000 on credit; these inventories had cost 20,000. 3. Received cash from trade receivables totalling 20,000. 4. The owners of the business introduced 97,000 of their own money, which was placed in the business bank account. 5. The owners brought a motor van, valued at 24,000, into the business. 6. Bought inventories on credit for 17,000. 7. Paid trade payables 16,000. Required: Show the statement of financial position after all these transactions have been reflected
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