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.