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Linda started the business of buying and selling toys in Oxford on the 1st of October 2020. She is preparing accounts to 31st October 2020. She contributed to the business with £8,000 in the Bank, £5200 cash, and 3,000 Van. The transactions during the month are as follows:
Required:
Problem a) Double entry record the transactions in T-accounts
Problem b) Balance the accounts and bring down an opening balance
Problem c) Extract a Trial balance as at 31st October 2020
Problem d) Income Statement for the period ended 31st October 2020 The closing inventory is £ 250.00
Problem e) Statement of Financial Position as at 31st October 2020
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