Norember Week 4 - Exercise 1 On 1 Nov 2021, A & B Partnership Ltd, decided to keep their records on a double entry system. Their assets and liabilities at that date were office fixtures 1000, a van 30,000 and 38,000 in the bank account. There were no liabilities at the beginning of November 2021. The following transactions occurred during November 2021. 2021 August & B paffnership Ltd received a loan of 10,500 from Barclays Bank and they deposited in their bank account. 3. The amount of 3,000 was transferred from bank Account to cash in hand account. 4 Bought a second-hand Van paying by cheque 4,000 5th Bought office fixtures 1,500 from Sharp Office Ltd. They paid 1,000 by issuing a cheque and rest of the fixtures value would remain as credit. 6 Bought a new van costing 7,100 on credit from Vauxhall Co. 10 Bought office fixtures paying by cash 330. 20th Paid Vauxhall Co. a cheque for whole amount of debt. 27th Paid 1,250 of the cash in hand into the bank account. 29th Bought new office fixtures paying via bank account 750. Required: (a) Record the transactions in the general ledger (T Accounts) of A & B Partnership Ltd. (12 marks) (b) Balance the accounts and extract a Trial Balance as at 31 August 2021. (13 marks) (Total Marks 25)