On 1.2.2003 Marjon commenced a business dealing in fashion wear. She paid £35,000 into the business bank account and the following transactions took place during the first fortnight of February.
1st   Bought shop fixtures and fittings.................................................7,000
        Purchased inventory for resale...................................................15,000
        Bought car....................................................................................9,000
        Paying by cheque for all.
        She also paid by cheque the first fortnight’s rent on the shop........550
        She also withdrew from the bank account......................................200
2nd  Purchased for general office use stationary for cash...................... 95
        Employed two shop assistants agreeing to a wage of £155 each per week.
        This was to be paid in cash every Friday of the month in arrears. 

        The amounts paid are included in the list below.
3rd   Sold goods for cash......................................................................720
        Sold goods on credit......................................................................240
4th   Cash sales.....................................................................................850
        Office expenses paid for cash..........................................................50
5th   Bought goods for resale on credit from Fashionwear Ltd...........1,600
        Faulty goods were returned and refund given in cash...................130
6th   Cash sales................................................................................. 1,010
7th   Wages paid in cash.......................................................................310
        Paid all cash into bank
8th   Cash sales..................................................................................1,200
        Credit sales.................................................................................. 900
11th Bought inventory for cash............................................................2,500
        Bought inventory on credit from Fashionwear Ltd.......................5,200
        Sold inventory for cash...................................................................110
        Sold inventory on credit................................................................... 70
12th Cash sales...................................................................................1,600
13th Cash sales......................................................................................700
14th Cash sales.................................................................................. 2,100
        Credit sales.......................................................................................50
        Office expenses paid in cash............................................................90
        Received cheques from trade receivables......................................660

15th Wages paid in cash.........................................................................310
        Cash sales....................................................................................1,750
        Paid Fashionwear Ltd by cheque.................................................5,000
        Paid all cash into bank account

The inventory on hand at the commencement of business on 16th February was £14,500. Marjon also estimated at this date that during the first fortnight of business she spent £105 on car expenses relating to the business, which she paid out of her own pocket. In addition to the above, Marjon drew wages for herself of £500 per week in cash on 8th and 15th. 

Required:
Record the above transactions in the ledger accounts of Marjon, balance off the accounts at close of business on 15th February and prepare a trial balance. Draw up an income statement for the period ending and a statement of financial position as at 15th February 2003. Comment briefly on the performance of the business in the first fortnight.