Ms Bukoski’s business position at 1 July was as follows:

Required:

(a) Open ledger accounts (including capital) at 1 July.

(b) Record all transactions.

(c) Prepare a trial balance.

(d) Prepare an income statement for the period.

(e) Prepare a balance sheet as at 31 July.

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Inventory Equipment Creditor (OK Ltd) Debtor (AB Ltd) Money in business bank account During July, she: Sold goods for cash - paid in to bank Sold goods to AB Limited on time Bought goods from OK Ltd on time Paid OK Ltd by cheque Paid general expenses by cheque Received cheque from AB Ltd Inventory at 31 July was 6,200. 4 5,000 3,700 500 300 1,200 4 3,200 600 3,900 3,000 500 300