M. Sanchez started a new business on 1 October. In your ledger write up the double entry accounts needed to record the following transactions:

Oct 1 Started business by placing £5,000 in a business bank account 3 Bought office equipment costing £750 on credit from Systems Ltd 5 Took £250 out of the bank and put it in the cash till 0 Bought motor van costing £1,750, paying by cheque i2 Received a loan of £2,000 by cheque from S. Ramsden Returned some of the office equipment costing £56 to Systems Ltd because it was faulty Bought some machinery costing £250, paying by cheque Bought some shop fittings costing £175, paying in cash Paid Systems Ltd the amount owing to them, £694, by cheque Sold some of the shop fittings because they were unsuitable and received £60 in cash