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John runs his business as a sole trader. At the beginning of the reporting period he invested £6,000 in his business, paid in cash. The balances of the following nominal ledger accounts as at the end of the reporting period are provided bellow: £Purchases account 6,000Rent expense account 2,600Sales account 14,200Bank loan interest account 580Other expenses account 1,400Drawings 2,100Suspense account 850
Required:
Problem 1. Provide the journal entry to close the Suspense account.
Problem 2. Provide the journal entries to close the income and expense ledger accounts.
Problem 3. Provide the journal entry to close the Profit and loss ledger account.
Problem 4. Provide the journal entry to close the Drawings account.
Problem 5. Provide the balancing figure (balance carried down) of the Capital ledger account.
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