Answer Happy

Total marks for this test = 83 marks. Section A : Multiple choice questions. Follow the link to do this on Forms. Total marks = 20 marks Section B : Double-entry bookkeeping. Total marks = 40 marks. Question Elton John started a small café on 01 November 2020. He showed you the following transactions that took place for the first two weeks of business. 01/11 - Started a business with capital in bank of £8,500 and an old van of £3,500. 02/11 - Took £500 from bank to use as company cash fund. 03/11 - Bought goods £3,500, paying by cheque. 05/11 - Purchased goods £1,200 from Pilar Ltd, paid immediately £200 in cash. 07/11 - Paid rent of office £500, by cheque 08/11 - Sold goods on credit to Jenny worth £295. 10/11 - Bought office equipment of £650, paid by cheque. 11/11 - Withdrew £250 from the bank for own use (drawings) 12/11 - Sold goods for £ 380; customer paid by credit card £ 200 and remaining in cash. 14/11 - Paid wages to Mary by internet transfer of £420 14/11 - Received a loan of £2,000 from bank by direct transfer. (a). Record all the transactions on T-Accounts. (b). Close all the accounts at the end of 2 weeks showing clearly the balance carried down and balance brought down. (c). Produce a Trial Balance for the 2 weeks ended on 14 November 2020.