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6.2 TUTORIAL TASKS 6.2.1 Task 1 - Gordon Briggs Gordon Briggs has used a small inheritance to set up in business selling furniture. He will operate as a sole proprietor. The following represent transactions during the first month of trading (September 20X9): Gordon starts the business by depositing MVR200,000 in the business bank account. 2. He buys a warehouse for MVR100,000 paying by cheque 3. He buys fixtures and fittings, paying by cheque of MVR50,000 4. He buys a motor vehicle with a short term loan for MVR12,000 s. He buys furniture for resale from RM Wholesale for MVR45,000 on credit, and places it in his warehouse (Inventory is posted to the inventory account when purchased) 6. He sells on credit furniture for MVR18,000 7. He pays by cheque for the motor vehicle purchased under transaction (4) above s. He purchases by cheque inventory for resale MVR10,000 9. He injects a further MVR125,000 of cash into the business, placing the money into the business bank account 10. Trade receivables of MVR15,000 pay their amounts due 11. He purchases on credit further inventory for resale at the cost of MVR10,000. 12. Closing inventory Value is MVR55000 Required: Record the above transactions into T-accounts Close and balance the accounts Prepare a trial balance as at 30 September 20X9 Prepare an income statement for the month of September 20X9 Prepare a Statement of Financial Position as at 30 September 20X9

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