Burj Electric Cars has started a business selling pre owned EVs. During the year to 31st December 2023 the following transactions occur:

1. Introduced 80,000 Capital into the business.
2. Bought EVs for 44,000.
3. Sold goods on credit for 12000 to SZR Custom Cars.
4. Paid wages of 11100.
5. Received a 60,000 cash loan from the bank.
6. Bought show room essentials on credit for 30,000 From Mega Furniture.
7. Sold goods for 12,500 cash.
8. Bought a branded van for use in the business costing 30,000.
9. Bought Stationary for 200.
10. Received and paid an electricity bill for 3000.
11. Sold goods for 8000 on credit to Palm Estates.
12. Paid a supplier 11,000.
13. Received 9000 from SZR Custom Cars.
14. Repaired the delivery van costing 600.
15. Bought a car loader truck on credit for 30,500.
16. Sold goods for Cash totalling 20,000
17. Purchased stock from EV Rentals for 27,000 on credit
18. Made a Sale to DXB Taxi Co for 15,000 on credit
19. Received 5000 from DXB Taxi Co
20. Purchased a coffee machine for 2000 cash

Required: a) Show the nominal ledger entries (using T-accounts) for the above transactions Close off each T-account and prepare an initial trial balance as at 31 December.

b) Produce a Statement of Profit or Loss for year ended 31st December 2023 and a Statement of Financial Position as at 31st December 2023 Note: Note: Closing inventory was 15,000 for Burj Electric Cars.