Question 1 Russell Smith Pty is a small private start-up company that initially is involved in bu… Assignment Help

  

Question 1Russell Smith Pty is a small private start-up company thatinitially is involved in buying and selling of goods. During thefirst few days of the company’s existence the followingtransactions occur.The owner opens a business bank account and deposits $20,000into it on the 3 rd May in order to commence business. $6,000 ofthe deposit is from the personal funds of the owner and $14,000 isa loan from a family member who expects to be fully repaid withinterest within two years.On 4 th May, the company purchases a vehicle for $5,000 payingby cheque.On 5 th May, the company purchased inventory (stock to sell) for$3,000 on 30 days’ credit.On 6 th May, $2,000 of the loan is repaid.On 10 th May, the owner adds $4,000 of his funds to the businessbank account.On 11 th May, the business manages to sell almost all of itsinventory for $4,500. This is paid for partly by a cheque for$2,500 and the remainder on credit of 30 days. $500 worth of stockcould not be sold at this time.Using appropriate headings, DRAW up Statements of FinancialPosition (Balance Sheets) for the end of business on 3 rd May, 5 thMay and 11 th May, and a Statement of Financial Performance (Profitand Loss Statement) for the period of operation from the beginningof 3 rd May to the end of 11 th May.

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