Question

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

1 March Deposited $20,000 in a newly opened bank account.

2 March Bought fixtures and fittings for $6,000 cash andinventories $8,000 on credit.

3 March Borrowed $5,000 from a relative and deposited it in thebank.

4 March Bought a motor car for $7,000 cash and withdrew $200 incash for his own use.

5 March A further motor car costing $9,000 was bought. The motorcar bought on 4 March was

given in part exchange at a value of $6,500. The balance ofpurchase price for the new

car was paid in cash.

6 March Conday won $2,000 in a lottery and paid the amount into thebusiness bank account. He

also repaid $1,000 of the borrowings.

Based on the given information, prepare a statement of financialposition for the business at the end of

each day.