1. Thomas Cook is setting up a new business. Before selling anything, he bought a van for RM9,000; a transportable market stall for RM1,800; a printer for RM280; and an inventory of goods for RM11,200. He did not pay in full for his inventory of goods and still owes RM5,000 for them. He borrowed RM8,000 from Lance Armstrong. After the events just described, and before trading starts, he has RM900 cash in hand and RM6,300 in the bank.

Required:

1. Calculate the business Assets

(2 marks)

2. Calculate the business Liabilities

(2 marks)

3. Calculate the business Equity

(2 marks)

(Show all workings)

(10 marks