(a) Using the following form of the accounting model Assets = Owners' interest + Liabillities analyse the following transactions for Olympic Products undertaken during the first month of operations:

(i) Cash introduced by owners, £5000.

(ii) Purchased assets on credit terms, £4200.

(iii) Sold assets, which originally cost £1100, for £1550 in cash .

(iv) Used up assets during the course of business, £500.

(v) Paid £4200 for assets received earlier on credit terms.

(vi) Cash withdrawn by owner, £400.

(b) Draw up a summarised Balance Sheet for Olympic Products at the end of the first month of trading.