Jill started a business on 1 January. Her first few business transactions were as follows:

Required:
Draw up Jill's balance sheet as it would appear after all of these transactions have occurred.

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1 January Jill opened a business bank account and paid 20,000 of her own money into this account. 2 January A motor van costing 7,200 was paid for by business cheque. 2 January Goods for resale were acquired from J Green at a cost of 6,200. Half of this was paid by business cheque and it was agreed that the other half would be paid in a month's time. 3 January Jill paid 2,500 out of her own money to buy equipment for the business. 4 January Stock costing 2,200 was sold on credit to L Richards for 2,960. 6 January Stock costing 2,800 was sold for 3,880. The sale proceeds were received immediately and paid into the business bank account.