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Question 1 A Ferguson opens a shop on 1 September 2011 selling antiques and football memorabilia The following represent the transactions for his first month of trading. September 2011 1 Started business with 25,000 in the bank 2 Purchased goods from old contacts in the trade: On credit A Wenger 1,100 H Redknapp 750 J Stamm E370 4 Cash sales of 900 5 Paid wages to part-time staff, 150 in cash 9 Sold goods on credit to: D Beckham E820 MO'Neill 330 12 Bought goods for cash, 160 Pald wages, 150 in cash 15 Purchased more goods from A Wenger, 450 On credit 17 Sold goods on credit to K Dalglish, 515 Paid the following accounts by cheque: H Redknapp, 750 J Stamm, 300 20 Bought shop fixtures on credit from Mancini Shop Fittings, 1,450 21 Paid wages, 150 cash Returned unsatisfactory goods to A Wenger, 200 D Beckham settled his account, paying 820 by cheque Cash sales, E370 29 Pay Mancini by cheque, 1,450 Bought a van paying by cheque, 3820 13 19 23 25 26 30 [17] (a) (b) [5] Enter the above transactions in the ledger for Ferguson. Extract a trial balance as at 30th Sept 2011. It is likely that in the months ahead the volume of transactions in Ferguson's business will grow. Suggest three new books of accounts that might be required to keep an efficient record of transactions. (c) [3] You need to complete ALL 3 questions in a word document. DO NOT USE EXCEL. DO NOT COPY AND PASTE FROM EXCEL

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