Go to the 11 transactions given in Newcombe Ltd (Practice problem C in Chapter 3) and complete the following tasks.
1. Prepare a set of ledgers. Use the opening balances given in the balance sheet, post each transaction to the ledger account and calculate closing balances for these accounts.
2. Based on the above ledger accounts, prepare an income statement for the month of June 2016 and balance sheet as at 31 June 2016.

Data from Practice problem C

The following transactions occur during June: 

a. Received $23 000 from accounts receivable.

b. Additional shares worth $80 000 are issued.

c. Inventory (costing $32 000) is sold on credit for $76 000. 

d. Recognition of $4000 of depreciation expense.

e. Of the loan, $60 000 is repaid, 

f. Administrative expenses of $7000 are paid.

g. A total of $9000 of prepayments are used up. 

h. Payment of wages of $ 13 000. 

i. Purchase of $28 000 worth of inventory for cash.

j. Dividends of $6000 are paid.

k. Payment of $36 000 of accounts payable.