Question 5 Find below the ledger account Accounts payable at the end of the year: 31-12 Cash book Accounts payable (x ) 43,900 1-1 Balance 31-12 Purchase book 9,700 50,000 ========= ======== a. Add the results for the ledger account Accounts Payable to the 8 column financial statement, calculate the total of debit and credit side of the trial balance. b. Complete the 8 column financial statement. Trial balance Balances Profit and Loss Balance sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Costs of goods sold 50,000 800 Wages 13,000 Inventory 120,000 80,000 Long term loan 1,000 50,000 Rent 24,000 Equity 25,860 VAT receivable 10,150 400 Accounts receivable 112,500 79,100 Sales revenue 1,000 80,400 Accounts payable Other expenses 8,000 Cash 84,200 89,900 Withdrawals 10,000 12,000 VAT Payable 210 16,800 Net profit/loss Total c. Calculate the Gross and net profit. d. Prepare the ledger Account Equity