On 1 March, Joe Conday started a new business. During March he carried out the follow¬

ing transactions:

1 March Deposited £20,000 in a newly opened 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 the 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 borrowings.

Required:

Draw up a statement of financial position for the business at the end of each day. (E.4)