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

Required:
Draw up a statement of financial position for the business at the end of each day.

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1 March 2 March 3 March 4 March 5 March 6 March Deposited 20,000 in a bank account. Bought fixtures and fittings for 6,000 cash and inventories 8,000 on credit. Borrowed 5,000 from a relative and deposited it in the bank. Bought a motor car for 7,000 cash and withdrew 200 in cash for his own use. A further motor car costing 9,000 was bought. The motor car bought 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. Conday won 2,000 in a lottery and paid the amount into the business bank account. He also repaid 1,000 of the borrowings.