Question B3 (a) Explain clearly the benefits to a business of maintaining a set of control [10] accounts. (b) A Ltd has made 10,000 worth of purchases in the year to 31st December 2020 and has recorded 1,500 of inventory at the year end. Outline the double entry in the ledger to record these transactions at the [6] year end of 2020 and the opening of 2021. (This can be done either using 'T' accounts or through journal entries). (c) Kerry opened a gift shop on 1st January 2020 with inventory valued at 7,000 and 4,000 in the bank. The premises are rented. All sales are for cash, but Kerry is inexperienced and keeps no business records. At 31st December 2020 the business has inventory valued at 9,000 and there is 11,000 in the bank, but Kerry owes suppliers 4,000. During the year Kerry's uncle gave her 3,000 which she paid into the bank, less 1,000 she used for a holiday. Average weekly drawings from the business are 200. Required: Applying the accounting equation determine Kerry's profit for 2020. [4]