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4. Ivan has been in trading business for more than 5 years. The following balances were brought forward in his books of account as at 1 January 2017: Dr Cr Asda 2000 Smith 7000 10000 Computer Bank 4000 Cash 1000 Capital 20000 22000 22000 During the year to 31 December 2017 the following transactions took place: 1. Cash purchases of 15,000. 2. Office expenses paid in cash totalling 9000. 3. Purchase of Motorvan costing 12,000 paid by cheque 4. Cash sales of 20,000 5. Goods bought from Asda on credit for 30,000 6. Goods sold to Smith on credit for 50,000. 7. Cheques sent to Asda totalling 29,000. 8. Cheques received from Smith totalling 45,000. 9. Cash received from Smith amounting to 7000. 10. Cash transfers to bank totalling 3000. Required: (a) Compile Ivan: - ledger accounts for the year 31 December 2017, - balance off the accounts; and - bring down the balances as at 1 January 2018. (b) Extract a trial balance as at 31 December 2017. End of questions