Kazam Services begins the month with capital of £200,000 and the following assets and liabilities:

The following transactions took place in the accounting records of the business during the last month:
Take out long-term loan for new building £150,000.
Receive £45,000 from debtors.
Pay £30,000 to creditors.
Invoice customers for £70,000 for services carried out.
Pay salaries £15,000.
Pay various office expenses £5,000.
In addition, depreciation of £20,000 is to be provided for the period.
Produce a schedule of transactions under appropriate headings for each account.
Total each account and produce a Profit and Loss account and Balance Sheet.

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Assets Fixed assets 500,000 Debtors 125,000 Liabilities Bank overdraft 35,000 Creditors 90,000 Long-term loan 300,000