James Ry is a sole trader who started the business of buying and selling carpets in Portsmouth on the 1st of November 2020.He contributed to the business with 22500 Flat, 5000 in the Bank, 2400 Cash and 6000 Car. The transactions during the month are as follows:

2/11Purchased carpet 2700 for sale on credit from Ho Ltd

4/11 Sold goods for 1400 and received the money via Bank account

5/11 She bought a computer for 400 and a printer 100 from a local shop in London and paid by cheque.

12/11 Paid in Cash 55 for repairing laptop

18/11 Part of carpet returned to Ho Ltd 125

21/11 Sold goods to Ayan 1050; from this amount 900 cash received immediately and the rest remains on credit.

23/11 The owner received rent 400 for flat and deposited it to the bank account

23/11 Sold goods of 350 to Dave and received cash

24/11 Bought a new Printer for business use by issuing a cheque 850

26/11 The owner rented an office place near the Birmingham and paid rent by cheque 425

30/11 Paid the months wages to the part-time staff by cheque 410

31/11 150 Cash received from Aya

31/11 The owner has also paid 600 from the business bank account to book a flight to Ireland for his holiday.

Required:

1. You are required to show the Journal entries (with narrative) necessary to record the items which occur in October 2020.
2. Write double entry record the transactions in T-accounts. Balance the accounts and bring down an opening balance
3. Extract a Trial balance as at 31st November 2020
4. Prepare an Income Statement for the period ended 31st November 2020. The closing inventory is 160
5. Prepare a Statement of Financial Position as at 31st November 2020