Modupe owns a retail shop. The following are the list of balances extracted from his  books of accounts on 31 December 2019.  Description Amount  Pula  Drawings 5,500.00 Net Profit 21,100.00 Capital 72,000.00 Long term loan 10,000.00 Creditors 2,500.00 Cash in hand 500.00 Cash in Bank 8,000.00 Debtors 3,000.00 Inventory 12,000.00 Land Buildings 40,200.00 Vehicles 28,400.00 Equipment 8,000.00 Required:  Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December  2019.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is