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

Question:

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 Bought 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 Bought 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 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.

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.

Step by Step Answer:

Related Book For  book-img-for-question

Accounting An Introduction

ISBN: 9780273711360

4th Edition

Authors: Harvey, Jenner Atrill, McLaney

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