James Company Ltd has authorised share capital of 80,000 ordinary shares at par value of $1.00 each. The shares issued were paid up in full. At the end of October 31, 2020, the balances extracted from...

James Company Ltd has authorised share capital of 80,000 ordinary shares at par value of $1.00 each. The shares issued were paid up in full. At the end of October 31, 2020, the balances extracted from the books of the company were as follows: $ $ Buildings 110,000 Accounts Receivable: Cash 3,500 Cornucopia 14,450 Inventory 11,172 Vemco. Ltd 8,400 Bank 14,900 Premier Wholesale 5,860 Accounts Payable: Loan From BPWCCUL 128,000 Major Foods Int 11,340 Equipment 18,600 CostCo. Ltd 11,882 Motor Vehicles 36,230 Primrose Ltd 8,890 Ordinary Share Capital ? PLEASE TURN OVER 2 The following transactions occurred during the month of November 2020: Nov 01 Received an invoice from Major Foods International $4 800 less a 7% trade discount. Premier Wholesale returned goods to us $460 (net). Nov 01 Issued additional ordinary shares at $1.25. After this issue, 70 000 shares were outstanding or issued in total. All funds were received by cheque. Paid $4 000 to Barbados Public Workers Cooperative Credit Union by cheque. Nov 03 Bought some additional equipment on credit from Dream Center costing $3 300. On the same day, bought stationery for $220 cash from Dream Center. Nov 05 Invoiced Vemco Ltd $8 000. Returned goods with a list price of $600 to Major Foods which were purchased on 01st November 2020. Nov 08 Bought goods on time from CostCo Ltd costing $2 900. Bought goods from Hills Milling costing $2 100 paying by cheque. Nov 09 Paid Major Foods $1 940 by cheque after receiving a 3% discount. Premier Wholesale settled half the amount owing receiving a 10% discount, a cheque for $2 000 and the remainder in cash. Nov 12 Returned equipment costing $300 to Dream Center. Sent a credit note to Vemco Ltd for $250 (net). Nov 14 Received $1 500 cash from H. Lett for rent. Took $1 000 of the cash in the bank for business use. Nov 18 Vemco Ltd settled $3 000 of their account by cheque. They received a 5% cash discount for early payment. Nov 22 Cash sales paid directly into the bank $4 700. Sold goods on credit to Premier Wholesale costing $5 600, a trade discount of 6% was given. 3 Nov 25 Paid Dream Center the balance owing less 8% discount by cheque. Received $1 520 by cheque from Cornucopia after receiving a 5% discount Nov 27 Paid wages $2 400 by cheque and insurance $1 200 by cash. Nov 28 The cheque paid by Cornucopia was returned by the bank marked ‘refer to drawer’. Nov 30 Paid a $0.20 dividend on all outstanding shares by cheque. Transferred cash into the business bank account. After the transfer, the balance of cash was $1 000. Nov 30 Cornucopia was declared bankrupt. We took a motor car valued $13 200 as full settlement of their debt. YOU ARE REQUIRED TO: (a) Use the GENERAL JOURNAL to compute the value for Ordinary Share Capital at November 1, 2020. (5 marks) (b) Use the RELEVANT books of original entry, to record the business transactions for the month of November 2020. NO NARRATIONS OR FOLIO REFERENCING IS REQUIRED. (20 marks) (c) Post all the entries in (a) and (b) above to the accounts in the RELEVANT ledgers. NO FOLIO REFERENCING IS REQUIRED. (20 marks) (d) Balance all accounts and extract a trial balance as at November 30, 2020. (10 marks)