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On 1 June, Sarah Lee started a new business. During June she carried out the following transactions: 1 June: Deposited 15,000 in a newly-opened business
- On 1 June, Sarah Lee started a new business. During June she carried out the following transactions:
- 1 June: Deposited €15,000 in a newly-opened business bank account.
- 2 June: Bought furniture for €4,000 cash and inventories €6,000 on credit.
- 3 June: Borrowed €2,500 from a friend and deposited it in the bank.
- 4 June: Bought a company car for €9,000 cash and withdrew €300 in cash for her own use.
- 5 June: Bought a further company car costing €11,000. The car bought on 4 June was given in part exchange at a value of €5,000. The balance of the purchase price for the new car was paid in cash.
- 6 June: Lee won €1,000 in a lottery and paid the amount into the business bank account. She also repaid €700 of the borrowings.
Required: Draw up a statement of financial position for the business at the end of each day.
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