I need help with the following basic accounting question

Q1. Bowl-Me-Over (BMO) is a new Ten-Pin Bowling business that recently commenced development and operations on the 15 July 2020, with the financial year ending the 30 June 2021. The business is currently registered and operated as a Sole-Trader. Joanne, the owner, is not aware of general accounting practices and has asked you to record the transactions that occurred in the first month of business The transactions for July 2020 were: 01/07/20 Joanne invested 3,000,000 of Capital into the business in the form of cash 01/07/20 BMO sourced additional funding from the local bank in the form of a loan to the value of 6,000,000. This Loan is to be paid back in ten annual instalments with the first instalment due on the 30 June 2021 01/07/20 BMO has secured the services of Happy-Harry's Builders to construct the building for the bowling alley amounting to 1,500,000. This was paid in full on the day he secured their services 01/07/20 BMO purchased land to the value of 3,000,000 which will be used to build the bowling alley 01/07/20 BMO paid the Local Council 100,000 for planning and construction services to prepare the land prior to building the Bowling Aley. 01/07/20 BMO purchased a Pin-Sorting Machine for 50.000 01/07/20 BMO purchased two vehicles for cash amounting to 75,000 02/07/20 BMO purchased all the pins and bowling balls from You-Bowl on credit for 1,000,000. The payment terms are 60-days, though if a customer pays their account within the month of purchase they can obtain 10% discount on the amount outstanding 02/07/20 Paid 240,000 cash to Slip-'n-Side Shoe Company for bowing shoes 02/07/20 Paid 150 for fuel for the vehicles 07/07/20 Paid weekly wages amounting to 3,500 08/07/20 Paid the annual insurance policy for the business amounting 10 24,000. This policy covers the whole financial year 14/07/20 Paid weekly wages amounting to 3,500 18/07/20 Joanne decided to pay the outstanding amount to You-Bowl 19/07/20 Joanne decided to book an exotic holiday for her and her partner amounting to 12.000, and used the company's bank account to make the purchase 21/07/20 Paid weekly wages amounting to 3,500 28/07/20 BMO Entered into a contract with a local Loyalty-Card organisation (All-Loyal) to participate in their voucher scheme. In securing the contract BMO received a one-off upfront cash payment for 500,000 from All-Loyal Page 2 of 9 MN30170 31/07/20 31/07/20 Paid 300 for July's electricity bill Received 5,000 royalty from Norn-Nom Foods for confectionary sales sold on During the month the following two income streams have been identified: BMOs premises 31/07/20 Cash sales: Credit sales: 36,789 287.960 Credit sales 287.960 The following information is available at the end of the first month of trading 1) There is no opening nor closing inventory as BMO is a service Industry 2) Depreciation policies of BMO are as follows: There is no depreciation on the acquired Land The Bowling Alley (buildings) is depreciated on a straight-line basis at a rate of 4% per annum The Pin-Sorting machine has a useful life of ten years and has no residual value This is depreciated on a straight-line basis Motor Vehicles are depreciated at a rate of 20% and have an expected residual value of 20% of the purchase price Bowling balls and Bowling Pins are depreciated at a rate of 30% per annum using the reducing balance method Bowling shoes are depreciated at a rate of 70% per annum using the reducing balance method 3) At month end, an audit of the Property. Plant & Equipment revealed that all bowling balls, 4) After month end, Joanne received an invoice for water that was used during July 2020 The invoice amounted to 4,500. 5) Due to a problem at the bank, wages for the final ten days of July have not been paid, though must be accounted for. The wages accrue on a daily basis (ie, staff are paid a daily rate for all seven days in the week whether they work over the weekends or not). 6) International Accounting Standards rules state that the gratuity received by BMO from AB- Loyal cannot be treated as Revenue, though must be recorded to show a true and fair representation of the organisation's performance in the period. 7) The Bank Loan accrues interest at a rate of 5% per annum. The interest expense for July 2020 has not been accounted for in the July 2020 accounts. 8) The sales made on credit is the revenue generated through credit card sales The credit card sales are broken down between Visa and Mastercard who are the preeminent credit card providers and are the Trade Receivables for BMO. The breakdown of transactions for these two companies over the period are: . Visa 60% of credit sales Mastercard: 40% of credit sales These two companies have agreed to pay their outstanding amounts on the following terms: Visa makes payment in 60 days Mastercard makes payment in 90 days BMO offered both companies a discount of 5% for early payment. Mastercard rejected the offer though Visa accepted it but decided to pay 50% of their outstanding amount in July 9) BMO is liable for tax amounting to 30% of Profits before Tax. Page 3 of 9 MN30170 Required: Prepare the following financial statements for BMO using the July 2020 transactions: a) Income Statement b) Statement of Financial Position c) Show all transactions for the Bank Account in the form of a T-Account Q1. Bowl-Me-Over (BMO) is a new Ten-Pin Bowling business that recently commenced development and operations on the 15 July 2020, with the financial year ending the 30 June 2021. The business is currently registered and operated as a Sole-Trader. Joanne, the owner, is not aware of general accounting practices and has asked you to record the transactions that occurred in the first month of business The transactions for July 2020 were: 01/07/20 Joanne invested 3,000,000 of Capital into the business in the form of cash 01/07/20 BMO sourced additional funding from the local bank in the form of a loan to the value of 6,000,000. This Loan is to be paid back in ten annual instalments with the first instalment due on the 30 June 2021 01/07/20 BMO has secured the services of Happy-Harry's Builders to construct the building for the bowling alley amounting to 1,500,000. This was paid in full on the day he secured their services 01/07/20 BMO purchased land to the value of 3,000,000 which will be used to build the bowling alley 01/07/20 BMO paid the Local Council 100,000 for planning and construction services to prepare the land prior to building the Bowling Aley. 01/07/20 BMO purchased a Pin-Sorting Machine for 50.000 01/07/20 BMO purchased two vehicles for cash amounting to 75,000 02/07/20 BMO purchased all the pins and bowling balls from You-Bowl on credit for 1,000,000. The payment terms are 60-days, though if a customer pays their account within the month of purchase they can obtain 10% discount on the amount outstanding 02/07/20 Paid 240,000 cash to Slip-'n-Side Shoe Company for bowing shoes 02/07/20 Paid 150 for fuel for the vehicles 07/07/20 Paid weekly wages amounting to 3,500 08/07/20 Paid the annual insurance policy for the business amounting 10 24,000. This policy covers the whole financial year 14/07/20 Paid weekly wages amounting to 3,500 18/07/20 Joanne decided to pay the outstanding amount to You-Bowl 19/07/20 Joanne decided to book an exotic holiday for her and her partner amounting to 12.000, and used the company's bank account to make the purchase 21/07/20 Paid weekly wages amounting to 3,500 28/07/20 BMO Entered into a contract with a local Loyalty-Card organisation (All-Loyal) to participate in their voucher scheme. In securing the contract BMO received a one-off upfront cash payment for 500,000 from All-Loyal Page 2 of 9 MN30170 31/07/20 31/07/20 Paid 300 for July's electricity bill Received 5,000 royalty from Norn-Nom Foods for confectionary sales sold on During the month the following two income streams have been identified: BMOs premises 31/07/20 Cash sales: Credit sales: 36,789 287.960 Credit sales 287.960 The following information is available at the end of the first month of trading 1) There is no opening nor closing inventory as BMO is a service Industry 2) Depreciation policies of BMO are as follows: There is no depreciation on the acquired Land The Bowling Alley (buildings) is depreciated on a straight-line basis at a rate of 4% per annum The Pin-Sorting machine has a useful life of ten years and has no residual value This is depreciated on a straight-line basis Motor Vehicles are depreciated at a rate of 20% and have an expected residual value of 20% of the purchase price Bowling balls and Bowling Pins are depreciated at a rate of 30% per annum using the reducing balance method Bowling shoes are depreciated at a rate of 70% per annum using the reducing balance method 3) At month end, an audit of the Property. Plant & Equipment revealed that all bowling balls, 4) After month end, Joanne received an invoice for water that was used during July 2020 The invoice amounted to 4,500. 5) Due to a problem at the bank, wages for the final ten days of July have not been paid, though must be accounted for. The wages accrue on a daily basis (ie, staff are paid a daily rate for all seven days in the week whether they work over the weekends or not). 6) International Accounting Standards rules state that the gratuity received by BMO from AB- Loyal cannot be treated as Revenue, though must be recorded to show a true and fair representation of the organisation's performance in the period. 7) The Bank Loan accrues interest at a rate of 5% per annum. The interest expense for July 2020 has not been accounted for in the July 2020 accounts. 8) The sales made on credit is the revenue generated through credit card sales The credit card sales are broken down between Visa and Mastercard who are the preeminent credit card providers and are the Trade Receivables for BMO. The breakdown of transactions for these two companies over the period are: . Visa 60% of credit sales Mastercard: 40% of credit sales These two companies have agreed to pay their outstanding amounts on the following terms: Visa makes payment in 60 days Mastercard makes payment in 90 days BMO offered both companies a discount of 5% for early payment. Mastercard rejected the offer though Visa accepted it but decided to pay 50% of their outstanding amount in July 9) BMO is liable for tax amounting to 30% of Profits before Tax. Page 3 of 9 MN30170 Required: Prepare the following financial statements for BMO using the July 2020 transactions: a) Income Statement b) Statement of Financial Position c) Show all transactions for the Bank Account in the form of a T-Account