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Open the asset and liability and capital accounts

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Question - You are required to open the asset and liability and capital accounts and record the following transactions for July 2008

July 1 Started business with £15,000 in the bank.

July 2 Bought office furniture by cheque £1,200.

July 3 Bought a van paying by cheque £6,010.

July 8 Repaid by cheque a loan owed to F Duff £10,000.

July 10 Sold some of the office furniture - not suitable for the business - for £150 on credit to D Twig & Sons.

July 19 The owner puts a further £4,000 cash into the business.

July 20 Bought machinery £1,400 on credit from Trees Ltd.

July 25 The owner takes out £200 cash for his personal use.

July 27 Paid the amount owing to Trees Ltd £1,400 by cheque.

July 30 Bought more machinery by cheque £650.

Reference no: EM132992125

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