Question
On 1 June, Emily Johnson started a new business. During June she carried out the following transactions: 1 June: Deposited 25,000 in a newly-opened business
- On 1 June, Emily Johnson started a new business. During June she carried out the following transactions:
1 June: Deposited €25,000 in a newly-opened business bank account.
2 June: Bought computers for €7,000 cash and inventories €9,000 on credit.
3 June: Borrowed €5,500 from a relative and deposited it in the bank.
4 June: Bought a car for €11,000 cash and withdrew €400 in cash for her own use.
5 June: Bought further computers costing €13,000. The car bought on 4 June was given in part exchange at a value of €8,500. The balance of the purchase price for the new computers was paid in cash.
6 June: Johnson won €4,000 in a lottery and paid the amount into the business bank account. She also repaid €2,500 of the borrowings.
Required:
Draw up a balance sheet for the business at the end of each day.
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