Question 2: Double-Entry System Bob's Best Buys was set up by Bob Best with 135,000 cash on 1 December 2019. The following are his transactions for the year to 30 November 2020 (1) Shop premises bought for 80,000 cash (2) Inventory purchased for resale on credit from Jones Ltd for 28,000 (3) Sales on credit to Millie's Biscuits for 5,000 (4) Delivery van bought for 12,500 on credit from Vans Bros (5) Transfer 25,000 cash to bank (6) 4,250 shop expenses paid in cash Cash purchases of inventory for 18,000 (8) Inventory sold for cash 36,000 (9) Jones Ltd are sent a cheque for 12,000 (10) Delivery Van expenses of 1,170 paid by cheque (11) Millie's Biscuits settles her account by cheque. (12) Inventory is purchased on credit from Jones Ltd for 6,750 (13) Millie's Biscuits buys 11.270 inventory on credit (14) Jones Ltd are paid 5,000 by cheque (15) Bob Best takes 9,665 out of the bank for his own use Required: (a) Compile Bob's Best Buys ledger accounts for the year to 30 November 2020. [32 Marks (b) Find the balances on each account as at 30 November 2020 (c) Extract a trial balance as at 30 November 2020 [13 marks) (5 Marks [Total 50 marks] IS