Exercise James started his business on 1 January 2017 with $40,000 cash of which $35,000 been used by him to open a business bank account. His business transactions for the first month to 31 January 2017 were summarised below: 234579 Jan Paid rates by cheque $150 Goods bought on credit from: Ben $200; Harris $560; Gordon $380; Lee $690 Goods sold on credit to: Cai $560; Benjamin $780; Stella $980 and Duffy $480 Paid for motor expenses in cash $130 Cash taken by James for his personal use $200 Goods sold on credit to: Benjamin $220 and Pang $670 11 Goods returned to James from: Cai $160 and Stella $180 14 Bought a motor van on credit from Best Motors Trading Ltd $15,800 16 18 The following customers paid their accounts by cheques, in each case less 5% cash discount: Cai $200; Benjamin settles his account in full; and Stella $500; Goods returned to: Lee $90 and Harris $60 Goods bought on credit from: King $890 and Bean $720 The following accounts were settled by cheques, in each case James is entitled to discount at the rate of 3%: Ben $200; and Lee $500 8220 24 2223 27 Salaries paid by cheques $3,560. 28 Paid cash for electricity $66 29 Goods taken by James for his son $180 30 Paid cheque to Best Motors Trading Ltd $6,300 CASH BOOK Date Particulars Disc Cash Bank 2017 S S $ Date Particulars 2017 Disc Cash Bank $ $ $ Jan Jan