An entity name Ventures Inc. started a trading business on 1 December 2020 with L$200,000 and deposited the money into a bank.

Other transactions for the month of December 2020 were:

Date 2/12/2020 3/12/2016 3/12/2016 4/12/2016

10/12/2016

12/12/2016  15/12/2016  20/12/2016

24/12/2016  31/12/2016  31/12/2016

Description of Transaction

The proprietor gave his old car to the business for

Bought office Furniture from John Venture on credit

Bought goods worth with cheque from Paul

Cash sales worth and money deposited into the business account by the customer direct.

Paid John Venture with cheque in respect of the purchase of furniture

Purchase goods worth on credit from Julius Ventures

Goods sold on credit to Azizi Enterprise

Paid Julius Venture total outstanding amount as at 12 December 2020

Paid stationery expenses with cheque

Paid Telephone expenses for business calls cheque

Paid staff salaries in the amount of

$ 180,000

40,000 92,000 65,000

22,500

72,500 48,900

12,500

$4,500 $20,000

a) Prepare and balance all relevant ledger accounts as at 31December,2020

b) Prepare the entity’s trial balance on 31 December, 2020