on 1 march, joe conday started a new business. during

Project Description:

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.
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