Question No 1: 12 Marks

Enter the following transactions in the appropriate accounts: 20X6

Aug 1 Started in business with 7,400 cash.

== 2 Paid 7,000 of the opening cash into the bank.

== 4 Bought goods on credit 410 from J Watson.

== 5 Bought a van by cheque 4,920.

== 7 Bought goods for cash 362.

== 10 Sold goods on credit 218 to L Less.

== 12 Returned goods to J Watson 42.

== 19 Sold goods for cash 54.

== 22 Bought fixtures on credit from Firelighters Ltd 820.

== 24 F Holmes lent us 1,500 paying us the money by cheque.

== 29 We paid J Watson his account by cheque 368.

== 31 We paid Firelighters Ltd by cheque 820.

Apply concept of financial accounting to prepare :

Double entries (3 Marks), T Ac (3 Marks), Trial balance (2 Marks) of above transactions.