On 1.6.XI D Alex commenced a business dealing in IT software. He paid

£50,000 into the business bank account and the following transactions took place during the first week ofJune.

1 June Purchase premises for £25,000 from previous owner including £6,000 for furniture and fittings.

Purchased stock for £10,000 and further furniture and fittings £2,000.

All transactions above were completed by cheque.

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3 2 June Withdrew cash from bank for shop use 400 Paid for sundry incidentals 90 Sold goods for cash 300 Sold goods on credit to Roberts 100 3 June Bought goods for resale on credit from Davids Sold goods for cash 600 550 4 June Sold goods for cash Sold goods on credit to Richards Paid office expenses in cash 400 350 70 5 June Received cheque from Roberts 60 Paid cheque on account Davids 250 Sold goods for cash 200 Sold goods on credit Martin 480 Bought goods for cash 250 Paid all excess cash into bank 6 June Stock on hand at cost 9,500