Draw a balance sheet for the business

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Reference no: EM131436123

Question: On 1 March, Joe Conday started a new business. During March he carried out the following transactions:

1 March- Deposited £20,000 In a bank account
2 March- Purchased fixtures and fittings for £6,000 cash, and inventories £8,000 on credit
3 March- Borrowed £5,000 from a relative and deposited it in the bank
4 March- Purchased a motor car for £7,000 cash and withdrew £200 in cash for his own use
5 March- A further motor car costing £9,000 was purchased. The motor car purchased on 4 march was given In part exchange at a value of £6,500. The balance of purchase price for the new car was paid In cash
6 March- Conday won £2,000 in a lottery and paid the amount into the business bank account. He also repaid £1,000 of the loan

Required: Draw up a balance sheet for the business at the end of each day.

Reference no: EM131436123

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