Neco 2018 Financial Accounting Question 3

A sole trader, Ade Enterprises, operates a small trading business. The following transactions occurred during the month of June: 1. 1 June – Ade started business with ₦150,000 cash and ₦200,000 capital introduced. 2. 3 June – Purchased inventory on credit from XYZ Suppliers for ₦80,000. 3. 5 June – Sold goods costing ₦45,000 for ₦70,000 cash. 4. 8 June – Paid ₦30,000 cash for rent. 5. 10 June – Received ₦50,000 from customers on account. 6. 12 June – Paid ₦20,000 cash to XYZ Suppliers as part‑payment of the credit purchase. 7. 15 June – Purchased equipment for ₦60,000 cash. 8. 20 June – Paid salaries of ₦25,000 cash. 9. 25 June – Sold goods on credit to ABC Traders for ₦90,000 (cost of goods sold ₦55,000). 10. 28 June – Paid ₦15,000 cash for utilities. Using the information above, answer the following: