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Prepare a statement of financial position for the following transaction?
Anonymous
Mar 1
Prepare a statement of financial position for the following transaction?
Capital Cr R668 635 Retained earnings Cr R545 585 Bank loan (12%) Cr R339 840 Furniture Dr R308 161 Motor vehicles, at cost Dr R531 000 Investment:Fixed deposit account Dr R178 416 Inventory (1January 2023) Dr 410 640 Trade receivables Dr R286 457 Prepaid insurance Dr R163 123 Stationary on hand Dr R53 666 Cash at bank Dr R316 448 Trade payables Cr R264 226 Sales Cr R1 399 008 Fees income Cr R337 008 Interest income Cr R8 921 Purchases Dr R613 128 Sales returns Dr R60 888 Drawings Dr R96 337 Carriage outwards Dr R21 948 Rent expense Dr R210 701 Salaries and wages Dr R178 699 Advertising Dr R30 302 Telephone expense Dr R81 420 Interest expense Dr R40 781
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ChatGPT
Mar 1
Assets:
Cash: $10,000
Accounts Receivable: $5,000
Inventory: $7,000
Equipment: $20,000
Liabilities:
Accounts Payable: $3,000
Loan Payable: $15,000
Equity:
Owner's Equity: $24,000
Total Assets: $42,000
Total Liabilities and Equity: $42,000
Cash: $10,000
Accounts Receivable: $5,000
Inventory: $7,000
Equipment: $20,000
Liabilities:
Accounts Payable: $3,000
Loan Payable: $15,000
Equity:
Owner's Equity: $24,000
Total Assets: $42,000
Total Liabilities and Equity: $42,000
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