QUESTION 5 (20) Velma runs a small business that trades as Multimedia V. The business manages its clients online platforms, for example, writing copy for their websites, maintaining a social media presence and so on. Velma employs three people in the business and rents office premises. Shortly after the end of her trading year, 31 December 2020, she asks you to prepare her accounts from the following list of balances: Insurance Vehicle expenses Trade Receivables Tax Computer expenses Phone and broadband Office fixtures Computer equipment Drawings Revenue Salaries and Wages Entertaining Cash in Bank Bank Loan Rental and business rates General administrative costs Electricity Trade Payables Loan interest Capital at 1 January 2020 (R) 2,880 8,560 38,970 6,690 28,650 6,780 12,590 33,480 64,480 236,900 72,800 3,920 3,770 35,000 67,400 13,370 3,900 19,850 1,550 64,480 Required: Prepare a statement of profit and loss for Multimedia V for the year ended 31 December 2020