On 1.4.20X1 H Britton commenced a business dealing in subaqua equipment. He paid £20,000 into the business bank account and the following transactions took place during the month of April.

Required

(a) Record the above transactions in the ledger accounts of H Britton maintaining separate cash and bank accounts and separate accounts for returned goods.

(b) Balance off the ledger accounts as at 30 April and extract a trial balance.

(c) Prepare the profit and loss account for the month ended 30 April and close off all revenue and expense accounts.

(d) Prepare a balance sheet as at 30 April.

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1st From previous owner bought shop 8,000, fixtures and fittings 5,000 and stock 4,000 paying by cheque 17,000 2nd Withdrew cash from bank for shop use 500 Paid for stationery and other incidentals 175 3rd Sold goods for cash 450 4th Sold goods on credit to A Britton 650 5th Cash sales 250 Wages paid in cash 160 8th Bought goods for resale on credit from R Sevier 950 A Britton returned faulty goods 100 9th Cash sales 340 Paid sundry expenses in cash 80 12th 15th 16th 17th 10th 11th Sold goods on credit to R Sewell Returned goods to R Sevier Cash sales Wages paid in cash Paid excess cash into bank Sold goods on credit to S Boatman Bought goods for resale from P Ocean Paid cheque on account to R Sevier Received cheque on account from A Britton 440 230 340 160 260 1,500 500 400