Answer Happy

Gulf Office Supplies has started a business. During the Month to30st June 2022 the following transactions occur:1) Introduced £10,000 Capital into the business.2) Bought goods for £3,500.3) Sold goods on credit for £2,200 to Gulf PetroChem.4) Paid wages of £400.5) Received a £9,000 cash loan from the bank.6) Bought goods on credit for £5,000 From MegaSupplies7) Sold goods for £3,500 cash.8) Bought a delivery van for use in the business costing£5,000.9) Bought Stationary for £20.10) Received and paid an electricity bill for £500.11) Sold goods for £800 on credit to Palm Estates.12) Paid a supplier £1,800.13) Received £900 from Gulf PetroChem14) Repaired the delivery van costing £60.15) Bought a fork lift truck on credit for £3,500.Required:a) Show the nominal ledger entries (using T-accounts) for the abovetransactionsClose off each T-account and prepare an initial trial balance as at30th June
b) Produce a Statement of Profit or Loss for year ended 30thJune 2022 and a Statement of Financial Position as at 30th June2022
Note: Note: Closing inventory was £5,000 for Gulf OfficeSupplies