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Johnson's business is a sole trader, which is registered under the name Johnson's Meats Depot and is continuing business at the beginning of August 2010. The business is located at 25 Harbor Street, Port Antonio. He specializes in the buying and selling of chicken, pork, beef, mutton, fish and other meats for human consumption. Mr. K Johnson opened his doors to the public on January 1, 2009. I Mr. Johnson normally prepares final accounts and balance sheet at the end of every month. His~lances show the following: Assets an.dLiabilities Aug 1, 2010 Assets: Shop fittings $30000, Machinery $83,000, Stock $52300 Motor Van $150000, Debtors: Joseph High School $10400, Martin Mini Mart $10, 000, P. Williams $5600, Portland People's Bank-Bank Balance $100,000, Cash in hand $20,000. Liabilities: Creditors: D & R Meats $25,000, Best Meats Ltd. $12,000 During the month the following transactions took place. Aug 1Paid rent by cheque $20,000. Aug 2 Bought Machinery on credit from Machine Ltd $25,000 Aug 3 Bought goods on credit from Meaty Fishy Ltd $29200. Aug 4 Purchase goods by cheque $15,000, Carriage inwards $2500 Cash. Aug 5 Sold goods on credit to: Martin's Mini Mart $6200, P. Williams $2500. Aug 7 Cash sales $84500.Banked $70,000 Cash Aug 8 The following returned goods, Martin's Mini Mart $1000, P. Williams $500. Aug 10 Sold goods on credit to P. Williams $8000. Aug-12 Bought-goods-on credit-Best Meats Ltd $44200, D&R Meats $44,4001------'""""·-~ Aug 13 Returned goods to Best Meats Ltd $3000, D&R Meats $1000. Aug 14 Cash sales paid directly into the bank $80000 Aug 17 Sold goods on credit to Joseph High School $12000, Black's Jerk Shop $5,000 Aug 20 The following settled their accounts by cheques, less 5% cash discount: Martin's Mini Mart, P Williams, Joseph High School. Aug 21 Cash sales paid directly into the bank $90000 Aug 22 Paid electricity bill by cheque $ 6100, Water Rate by cash $6000 Aug 23 Bought goods by cheque $44,500 Aug 25 Paid telephone bill by cash $3000 Aug 26 Paid wages by cheques $16000. Received a loan of $200,000 from Portland People's Bank by cheque to be repaid within 4 years. Aug 27 Cash sales $109,500. Banked $100,000 Cash Aug 29 Paid the following accounts by cheques, receiving 10% cash discount: Best Meats Ltd. and D&R Meats. Aug 30 Withdrew cash for personal use $9,000.Took $5000 from bank for office use. Aug 31Deposit all cash into bank expect $10,000 Additional lnformation- August 3 L 2010 (I) Closing stock $20,000 (2) Telephone bill outstanding for the month $500 (3) Water rate prepaid for the month $800 (4) Create Provision for Bad Debt $2500 (5) Provide Depreciation on all fixed assets at a rate of 30% per annurrr'