Note: Closing inventory was 5,000 for Gulf Office Supplies/n2. Gulf Office Supplies has started a business. During the Month of Jan 2024 the following transactions occur: 1st) 2nd) 3rd) 4th) 5th) 6th) 7th) 8th) 9th) 10th) 11th) 12th) 13th) Introduced 12,000 Capital into the business. Bought goods for 3,500. Sold goods on credit for 2,200 to Gulf PetroChem. Paid wages of 400. Received a £9,000 cash loan from the bank. Bought goods on credit for 6,000 From MegaSupplies Sold goods for 3,500 cash. Bought a delivery van for use in the business costing 5,000. Bought Stationary for 20. Received and paid an electricity bill for 500. Sold goods for 800 on credit to Palm Estates. Paid a supplier 1,800. Received 900 from Gulf PetroChem Required: a) Show the nominal ledger entries (using T-accounts) for the above transactions Close off each T-account and prepare an initial trial balance as at 31st Jan 2024 (15 marks) b) Produce a Statement of Profit or Loss for year ended 31st Jan 2024 and a Statement of Financial Position as at 31st Jan 2024 Note:

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