Andrew Joel is a market trader who started business on 1 August. The following is a list of his transactions in that month:

Aug 1 Started business with £1,000 of his own cash.

2 Paid £900 of this opening cash into a business bank account.

4 Bought goods for resale on time, £78 from S. Holmes.

5 Bought a motor van, paying by bank transfer, £500.

7 Bought goods for resale, paying cash £55.

10 Sold goods on time, £98 to D. Moore.

11 A Joel took goods from inventory for his own use, cost £22.

12 Returned goods (to the value of £18) to S. Holmes.

19 Sold goods for cash, £28.

22 Bought fixtures & fittings on time from Kingston Equip Co, £150.

24 Received loan from D. Watson, £100 cheque, repayable in 5 years.

29 Paid S. Holmes by cheque, £24 on account.

30 Paid wages, £30 to employee, by bank transfer.

31 Paid Kingston Equipment Co in full by bank transfer £150.

Required:

(a) Enter the transactions in T-accounts and balance-off your T-accounts as at 31 August.

(b) Prepare a Trial Balance as at 31 August.

(c) Assume that the closing inventory has been counted and valued at cost totalling £28. Prepare an Income Statement for the month ended 31 August.

(d) Prepare a Balance Sheet as at 31 August.