Make up an income statement and balance sheet for year ending 31st December 2014, using following trial balance and answer the following: a) Cost of Goods Sold b) Gross Profit c) Total Operating Expenses d) Net Profit e) Total Current Assets f) Total Non-Current Assets g) Capital at year end h) Value of Total Assets or Total Liabilities & Equity (part a and g worth 2 marks, while rest of the parts worth 1 marks each) * Accounts Debit (Rs.) Credit (Rs.) 1 Cash 50,800 2 Capital 690,000 3 Accounts Payable 93,100 4 Drawings 25,000 5 Purchases 145,000 6 Sales 396,000 7 Inventory at 1-1-14 32,600 8 Building 850,000 9 Vehicles Rent 98,000 10 Salaries 120,000 11 Electricity Expense 56,000 12 Stationary Expense 5,300 13 Return Outward 9,800 14 Accounts Receivable 89,200 15 Furniture 167,000 16 Bank Loan 450,000 TOTAL 1638900 1638900 Note: Inventory at 31-12-14 is Rs. 29,500