1. On 1 February, Alex Taylor started a new business. During February he carried out the following transactions:

1 February: Deposited £24,000 in a newly-opened business bank account.

2 February: Bought office equipment for £5,500 cash and inventories £7,500 on credit.

3 February: Borrowed £4,500 from a bank and deposited it in the bank.

4 February: Bought a van for £10,500 cash and withdrew £300 in cash for his personal use.

5 February: Bought additional office equipment costing £12,500. The van bought on 4 February was given in part exchange at a value of £8,000. The balance of the purchase price for the new equipment was paid in cash.

6 February: Taylor received a grant of £2,500 and paid the amount into the business bank account. He also repaid £1,500 of the borrowings.

Required:

Prepare a monthly financial statement for the business for February.