Question 1 (a) ABC Chemicals Inc. provided the following ledger account balances as on 31 December 2019. Identify the nature of the account balances I.e. mark whether a particular account balance is asset, Ilability, equity, Income or expense. Also write the particular accoun balance ($ amount) in debit column if it is debit and in credit column if it is credit. Find out total of debit and credit columns. Add debit (Dr.) column and credit (Cr.) column and check whether the sum of debit column is equal to the sum of credit column. Accounts Account Balance in '000 $ Write here the nature of account balance 30000 Property, Plant & Equipment Trade Receivables Goods purchased Sales Salaries Rent Outstanding Rent Cash & Bank Balances Trade Payables Common Stock Retained Earnings Total 4000 12000 40000 6000 4000 500 500 2500 4000 9500 (b) What is the term used to describe the statement which you have prepared in (a)? What is the purpose of preparing this statement? 8 +4.5 = 12.5 marks