prepare a balance sheet

Task 3: T. Smith started in business on 1 August, with 60,000 capital in cash. During the first year he kept very few records of his transactions. The assets and liabilities of the business at 30 July were: During the year, Smith withdrew 25,000 cash for his personal use but he also paid 8,000 received from the sale of his private car into the business bank account. Required: From the above information, prepare a balance sheet showing the financial position of the business at 30 June and indicating the net profit for the year