Journal Entries

Opened a business bank account with £10,000

Bought a small shop premises for £15,000, also taking out a £10,000 loan at the same time

Bought 2000 magic wands for £2 each

Sold 1000 wands for £4 each

Bought 1000 wands on credit for £3 each to Paul Daniels

Sold 1000 wands on credit to David Blaine for £4,500

Purchased a car for his son out of the business bank account costing £3,000