Question 1: 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 2017. Jan.1: Assets; PremisesGH10,000; Motor Van GH4,500; Fixtures GH1,600; Cash at bank GH14,000; Cash in hand GH20,000. Liabilities; creditors- CCT Ltd GH2,000; Mr.Kayode GH1,500 Jan.20: Took a cash loan from Obeng Ventures GH4,000. Jan. 30: Bought office equipment GH660 by cheque. Jan. 31: Bought Motor Vehicle by cheque GH360. Feb. 1: Bought goods on credit from Richard GH1,100; Nicolas GH420; Akrong Ent. GH3,600. Feb. 4: Paid rent by cheque GH240. Feb. 28: Sold goods on credit to Esi GH284; Efo Hope GH600 and Rosemary GH200. March, 1: Received a credit note from Richard GH40 and Akrong GH300. March 20: Bought Shop fittings by cheque GH154. May 1: Issued a credit note to Esi GH24. May 30: Bought goods paying by cash GH80. June 30: Bought office equipment on credit from Efo Favor GH740. July 20: Introduced more capital in the form of cash GH1,000. Aug.21: Bought goods on credit from Richard GH680; kofi GH320. Goods returned to us by Efo Hope GH100. Paid wages in cash GH220, and goods sold for cash on the same day was GH360, 10th Oct: Paid CCT Ltd and Mr. Kayode the amount owed them by cash. 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 GH66,; Insurance by cheque GH154,; Sundry expenses by cash GH30, Dec.31: Paid Richard the amount owed him by cheque and withdrew GH100 cash for personal use. You are required to use the following transactions to prepare: 1) The necessary books of original entry. 2) The necessary ledgers. 3) Extract a trial balance. Aug 30: Sept 2