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I have recently bought this bonsai with no identification of what type of bonsai it is.
The leaves also appear to be yellowing.
I have watered the plant thoroughly already and used bonsai fertiliser.
Please help.

It looks like a Chinese Elm to me. Just possible that its a Zelkova. Very similar. Find some pictures on the web and compare- you can get closer up with the leaves than the picture offers me.

They often have a few yellow leaves. Probably fine. Unless you are keeping it inside in which case it will suffer for it and you will probably see more yellow leaves...

Chinese Elm like all plants should be outside not in the house, it will not do well if it lives inside.

Thanks, will find a place for it outside and see how It goes.