On March 1 2020 Joe started a new sole trader business. During March he carried out the following businesses-related transactions:

1. Deposited $20,000 cash in a business bank account

2. Purchased fixtures and fitting for $6000 cash, and inventory valued at $8000 on credit

3. Borrowed $5000 from a relative, repayable in 2 years time, and deposited it in the bank

4. Purchased a van for $7000 cash and withdrew $200 for his own use

5. Won $2000 in a lottery and paid it all into the business bank account

6. Repaid $1000 of the $5000 loan

Prepare the statement of financial position as at 7th of March 2020

EXPLANATION PLEASE