Royston starts his own business on 1 September, operating as a wholesaler of novelty goods.

His transactions during September were as follows:

Sep 1 Transfers £750 of his savings into a business bank account.

3 Borrows £3,000 from LloydWest Bank, repayable in three years’ time.

5 Pays £320 to hire a van for September, using debit card.

7 Buys essential IT equipment for the business, paying £2,200 by debit card.

9 Buys goods for resale, paying by cheque £760.

11 Buys goods for resale £570 on time from J. Collins.

13 Sells goods for £930; customer pays by bank transfer.

15 Returns unsatisfactory goods to J. Collins, original cost of which was £120.

17 Buys goods for resale on time from M. Pembridge, £890.

19 Sells goods on time £1,770 to E. Barrett.

21 Pays £450 cheque to J. Collins.

23 Receives £590 cheque from E. Barrett on account.

25 Takes £280 from business bank account to pay for personal living expenses.

27 Pays staff wages for September, £410 by bank transfer.

Required:

(a) Record all the transactions and balance-off the accounts.

(b) Prepare a Trial Balance as at the end of the month.

(c) Assuming that the closing inventory has been counted and valued at cost totalling £570, prepare an Income Statement for the month.