bugs total business assets were $12,000 and the total liabilities were $8,500 and creditors accounts payable $3,500.after a year in trade the business assets were now valued at $20,000 and his creditors (accounts payble) were $5,000.during the year he introduced new capital of $2,000 (which is already recorded in assets) but also withdrew $5,000 for plastic surgery to look like Michael Jackson
