Thrilled Incorporated presented you with the following post-adjustment trial balance for the year ended  31 March 2022: Description Debit Credit Ordinary shares   1 200,00 Preference shares   800,00 Retained earnings   6 070,00 Trade creditors   1 590,00 Plant and machinery 5 300,00   Motor vehicles 1 900,00   Office furniture 550,00   Trade debtors 640,00   Accumulated depreciation on plant and machinery   150,00 Accumulated depreciation on motor vehicles   70,00 Accumulated depreciation on office furniture   35,00 Cash and bank 3 100,00   Prepaid expenses 45,00   Sales   4 100,00 Cost of sales 1 500,00   Operating expenses 980,00     14 015,00 14 015,00 Required: Prepare the Statement of Financial Position for Thrilled Incorporated for the financial year ended 31  March 2022

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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