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On 1 March Joe Conday started a new business During March he carried out the following transactions 1 March Deposited £20000 in a bank account 2 March Purchased fixtures and fittings for

On 1 March, Joe Conday started a new business. During March he carried out the following transactions: 1 March Deposited £20,000 in a bank account 2 March Purchased fixtures and fittings for £6,000 cash, and inventories £8,000 on credit 3 March Borrowed £5,000 from a relative and deposited it in the bank 4 March Purchased a motor car for £7,000 cash and withdrew £200 in cash for his own use 5 March A further motor car costing £9,000 was purchased. The motor car purchased on 4 March was given in part exchange at a value of £6,500. The balance of purchase price for the new car was paid in cash 6 March Conday won £2,000 in a lottery and paid the amount into the business bank account. He also repaid £1,000 of the loan Required: Draw up a balance sheet for the business at the end of each day.

 

May 01 2020 View more View Less

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