The statement of financial position
. On 4 January 2022, Misfits sold inventory that had cost £150,000 for £200,000 cash and inventory that had cost £250,000 for £310,000 to a credit customer who will pay in 30 days' time. Cash of £210,000 was paid into the bank. Using the statement of financial position at 4 January 2022, enter the transactions above into the plus and minus columns and then add the rows across to balance the statement of financial position. You should check that your statement of financial position still balances after you enter each transaction. Where the statement of financial position does not balance, go back and check that you have completed the necessary increases and decreases in your spreadsheet and try to find out where you went wrong before you look at the answer.
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Used with permission from Microsoft.
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. On 5 January 2022, Misfits paid trade payables £100,000 by cheque from the bank account and paid loan interest of £50,000 (an expense) from the bank account. Using the statement of financial position at 5 January 2022, enter the transactions above into the plus and minus columns and then add the rows across to balance the statement of financial position. You should check that your statement of financial position still balances after you enter each transaction. Where the statement of financial position does not balance, go back and check that you have completed the necessary increases and decreases in your spreadsheet and try to find out where you went wrong before you look at the answer.
If you are viewing this workbook in the latest version of Internet Explorer, Firefox or Chrome you should be able to work in an Excel spreadsheet embedded below using Microsoft Web Apps. If you are unable to see the embedded spreadsheet please use the link above to open the spreadsheet in a new window.



Used with permission from Microsoft.
When you have considered how you would answer the question select Yes to view the correct answer.