QUESTION You are planning to start a business right after completing your study. As a sole owner or partners of the business, you will contribute cash and other non-current assets as capital of the business. You may also borrow from any financial institution to finance your business. a C. You are required to: Create transactions for the business for one month. (20 marks) b. Record the transactions in the Subsidiary Books (Special Journals) and General Journals. (40 marks) Post the journal entries to the Subsidiary Ledgers (Receivables & Payable Ledgers). (30 marks) d. Prepare the trial balance at the end of the month. (10 marks) (TOTAL MARKS: 100 MARKS) CONTENTS OF THE REPORT The report should contain the followings: i. Background of the business including name, address, location etc. ii. Business transactions 4 transactions of capital invested by the owner 4 transactions of credit purchases 2 transactions of cash purchases 4 transactions of credit sales 2 transactions of cash sales 2 transactions of purchases of non-current assets 4 transactions of payments to supplier plus discount 4 transactions of payments by debtors plus discounts 4 transactions on payment of expenses 2 transactions of revenue received 2 transactions of non-current liabilities 1 transaction of drawing of cash 1 transaction of drawing of goods 2 transactions on sales return 2 transactions on purchases return The Subsidiary Books (Special Journals) and General Journals. iv. The Subsidiary Ledgers (Receivables & Payable Ledgers). The Trial Balance (TOTAL: 100 MARKS) V