Part B Al Shams, a small retail trader provides us the following financial information for the financial year ended 31st Dec 2015. On 1st January 2015, the financial records shows Opening Inventory amounted to $27,000 and his trade payables were $35,000. During the financial year to 31st Dec 2015, Sales were accounted for$230,500, Al Shams makes a gross profit of 20% on the sales value. Other expenses for the year amounted to $8,000. On 31st December 2015, there was a burglary at the shop, and all inventory was stolen. In trying to establish how much inventory had been stolen, Al Shams was able to provide the following information. . A total payment of $215,000 to suppliers during the financial year ended 31st December 2015. ii. Closing balance of payable ledger control account as at 31st December 2015 was $13,300. You are required to: 1. Calculate the cost of the inventory lost by Al Shams. 2. Prepare Profit and loss Account and find out the net profit for the year ended 31st December 2015. Show detailed working notes indicating how you have arrived the cost of inventory stolen, gross profit and net profit. To achieve pass you must prepare: a) Receivables control account and Payable control account for Part A b) Prepare Profit and loss account to calculate the cost of Inventory lost by Al Shams and the Net profit for the year. To achieve M3, A range of methods and techniques have been applied while calculating the cost of inventory, sales, purchase, profit figure and Opening balance sheet with clear working