12. (5 Marks) a) What is a trial balance? b) The following balances were extracted from the books of ABC plc: Cash 28,800 Cost of sales 4,300 Capital 24,000 Rent 900 Sales revenue 7,200 Trade receivables 1,600 Trade payables 4,400 Furniture and Fittings 2,400 Wages 1,600 Bank overdraft 4,000 Required: i. Prepare the trial balance using the list of balances above. (15 Marks) ii. Classify each of the balances into assets, liabilities revenue, expenses and equity. (15 Marks) iii. Calculate gross profit and net profit. (5 Marks) TOTAL 40 Marks