Answer Happy

Angelina has started a new business selling teddy bear and dolls. The following transactions took place during the month of December 2018. DEC DETAILS RM 1 Invested cash in business 50,000 3 Purchased goods on credit 5,450 5 Sold teddy bears on credit to Kamal at list price 5,000 10 Cash sale 7,500 11 One of the trade debtors returned defective dolls 350 12 Paid cash for commission 3,500 13 Received cash from one trade debtor 500 15 Paid cash for furniture 7,535
17 Purchased office equipment from Manju Holdings on credit 12,500 18 Drawing of teddy bear and dolls by owner 35 22 Received cash for commission 3,875 23 Sold part of furniture to Raju on credit 950 Received cash from trade debtor for his 24 account 580 28 Paid trade creditor using cash 3,000 30 Raju paid by cash for the furniture he bought on 23rd December 500 Prepare: Income statement and balance sheet