Ledgers and preparation of financial statements Go to the 11 transactions given in Newcombe Ltd (Practice problem C in Chapter 3) and complete the following tasks. 1 Prepare a set of ledgers. Use the...

Ledgers and preparation of financial statements Go to the 11 transactions given in Newcombe Ltd (Practice problem C in Chapter 3) and complete the following tasks. 1 Prepare a set of ledgers. Use the opening balances given in the balance sheet, and post each transaction to the ledger account. 2 Calculate closing balances for these accounts and prepare closing entries. 3 Based on the above ledger accounts, prepare an income statement for the month of June 2019 and balance sheet as at 30 June 2019.