Selected financial data at 31 December Year 3 E Sales Revenue 258,000 Opening Inventory 6,500 Closing Inventory 8,000 Gross Profit 120,000 NET Profit for the Year 18,000 Opening Equity 95,000 Trade Payables 4,000 Trade Receivables 6,500 Property (at Cost) 70,000 Bank & Cash 2,900 (Dr) Machiner and Tools (at Cost) 75,000 Provision for Depreciation on Machinery and Tools (31 December, 15,000 Year 3) Drawings 12,000 VAT 600 (Cr) Equipment (at Cost bought in year so not depreciated) 9,600 Equipment depreciation at 31 December, Year 3 2,400 Provision for Doubtful Debts (31 December, Year 3) 800 Loan (Non-current liability) 7,000