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Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building...

Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building £25,000, Factory £60,000, Inventory £8,000, Cash £500, Monies owed from a customer £3,500. Liabilities: Bank overdraft £5,000, Monies owed to R. Lodge £6,000, Ban=k loan £2,000. C. Koat lodged £5,000 of his own personal monies to the business account during the year.

Required: Using the accounting equation, determine C. Koat’s net worth at 31 December 20X9.

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