Allan set up a trading business, buying and selling
goods. The following transactions took place in the first month of
its trading, July 2020.
Allan introduced $500,000 cash into the business bank
account.
The business bought a motor vehicle with price of
$60,000. The payment was by cheque.
The business bought some inventory for $30,000. The
payment was by cheque.
The entire inventory purchased in transaction #3 was
sold $65,000 in cash.
Additional inventory was purchased amounting to
$100,000 on...