Prepare a statement of financial position (balance sheet) from the following list of assets and liabilities using
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Prepare a statement of financial position (balance sheet) from the following list of assets and liabilities using the accounting equation to deduce the ownership interest as the missing item.
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Amounts due from customers (trade debtors ) Cash in hand Inventory (stock of raw materials held for resale) Plant and machinery Amounts due to suppliers but not paid Vehicles Three-year loan from a local authority 5,000 800 20,000 65,400 3,500 4,000 40,000
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