Professional Documents
Culture Documents
10 Further Practice at Recording Transactions Using Statements of Financial Position
10 Further Practice at Recording Transactions Using Statements of Financial Position
10 Further Practice at Recording Transactions Using Statements of Financial Position
Amy opened a health food store called Glowing with Health on 1 July 2014. The business’s first statement
of financial position was as follows:
The following transactions occurred during the period 2-8 July 2014:
July
3 Arranged a bank loan for $5 000; funds were transferred to the business bank account
5 Cash was withdrawn from the bank for business use $800
8 Amy invested a further $3 000 in the business from her private funds; the amount was paid into the
Prepare ledger for the journal transaction above and prepare an updated statement of financial position.
The last statement of financial position (at 8 July 2014) should be set out as a fully classified statement of
financial position.