Grace Bert commenced business on 1 January 2010 with a capital in cash of £10,000. Her transactions in the first month were as follows:

If a transaction identifies the other party assume it to be on credit terms. There are no unsold goods in hand at the month-end and ignore depreciation.

Required:

(a) Record the transactions in appropriate books of prime entry.

(b) Post them to the Nominal ledger, Receivables ledger and Payables ledger, as appropriate.

(c) Extract a Trial Balance from the books of Grace Bert as at 31.1.2010.

(d) Prepare the Statement of income for the month ended 31.1.2010 and a Statement of financial position as at that date.

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Date Transaction 1.1 1.1 2.1 2.1 2.1 Purchased goods for sale from City Stores for £8,200 Purchased more goods for sale for £3,800 Sold goods for £1,200 Sold goods to Sally Jones for £4,200 Acquired a motor vehicle for £6,000