Reference no: EM132406901
Question
The statement of ?nancial position of a business at the start of the accounting period is as follows: £
ASSETS
Property 145,000
Furniture and fittings 63,000
Inventories 28,000
Trade receivables 33,000
Total assets 269,000
EQUITY AND LIABILITIES
Equity 203,000
Short-term borrowings (bank overdra?) 43,000
Trade payables 23,000
Total equity and liabilities 269,000 During the accounting period, the following transactions took place:
a) Sold inventories for £11,000 cash; these inventories had cost £3,000.
b} Sold inventories for £23,000 on credit; these inventories had cost £17,000.
0) Received cash from trade receivables totalling £18,000.
d) The owners of the business introduced £100,000 of their own money, which was
placed in the business bank account.
e) The owners bought a motor van, valued at £10,000, into the business.
f) Bought inventories on credit for £14,000.
3) Paid trade payables for £13,000.
Required: Prepare the statement of financial position after all these transactions have been re?ected.