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{"ops":[{"insert":"Sarah has the following assets and liabilities on the 1st of February 2021\n\nAccounts payable-$7,000 Accounts receivable-$6,000\nMachinery-$60,000 Cash at bank-$29,000\nMotor vehicle-$65,000 Cash in hand-$3,000\nInventory-$10,000 Capital-$166,000\nOn 2nd February 2021 the following transactions took place\n1) Purchased goods $2000 by cash.\n2) Paid the creditors $700 by cheque.\nYou are required to prepare the statement of financial position of Sarah using the vertical format on the 2nd of February 2021,after the above transactions have taken place. \n\n"}]}
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