Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December, 2018.

Jan.1: Assets; Premises10,000,000; Motor Van 4,500,000; Fixtures 1,600,000; Cash at bank 14,000,000; Cash in hand 2,000,000. Liabilities; creditors- CCT Ltd 2,000,000; Mr.Kayode 1,500,000.

Jan.20: Took a cash loan from Obeng Ventures 4,000,000.

Jan. 30: Bought office equipment 660,000 by cheque.

Jan. 31: Bought Motor Vehicle by cheque 3,600,000.

Feb. 1: Bought goods on credit from Richard 1,100,000; Nicolas 420,000; Akrong Ent. 3,600,000.

Feb. 4: Paid rent by cheque 240,000.

Feb. 28: Sold goods on credit to Esi 284,000; Efo Hope 600,000 and Rosemary 200,000.

March, 1: Received a credit note from Richard 40,000 and Akrong 300,000.

March 20: Bought Shop fittings by cheque 1,400,000.

May 1: Issued a credit note to Esi 24,000.

May 30: Bought goods paying by cash 80,000.

June 30: Bought office equipment on credit from Efo Favor 740,000.

July 20: Introduced more capital in the form of cash 1,000,000.

Aug.21: Bought goods on credit from Richard 680,000; Siclete 320,000.

Aug.30: Goods returned to us by Efo Hope 100,000.

Sept 2: Paid wages in cash 220,000 and goods sold for cash on the same day was 360,000.

10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them.

Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque.

Nov.21: Efo Hope and Rosemary paid us what they owed by cheque.

Dec.10: Paid motor expenses by cash 66,000; Insurance by cheque 154,000; Sundry expenses by cash 30,000.

Dec.31: Paid Richard the amount owed him by cheque and withdrew 100,000 for personal use.

You are required to use the following transactions to prepare: 1) The necessary ledgers. 2) Extract a trial balance.