Self-test Raymond starts up a new business on 11 May 2009, having purchased certain assets and liabilities from the previous owner.

The following is the list of assets and liabilities purchased:

Land and buildings 15,000 Electricity due 170 Stock 7,960 Creditors 960 Debtors 410 Overdraft 3,420 Equipment 11,640 Raymond paid for the net assets from his personal bank account. The net amount paid is regarded as his capital in the business.

You are required to make the necessary journal entries to record the above transactions.