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
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5 Cash was withdrawn from the bank for business use $800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.