1.1 The following information was obtained from the books of Venter Attorneys: Depreciation NS 600, cash at hand NS 800, Creditors NS 1 580, Drawings NS 360, Opening stock NS 15 260. Discount Received N\$ 550, Rent paid NS 1770 , Rates NS 1286 , Purchases NS 32 532, Telephone N\$ 4150 , closing Stock NS 11 700. Fumiture NS 12000 , Debtors NS 730, Commission earned N\$ 5000 , insurance premium NS 1230, bank charges NS 550 , Advertising N\$ 720. Additional information: 1. Included in the telephone amount is the prepaid amount of NS 570; 2. The amount of sales stands at 35420 . Required: Prepare Income Statement of Venter Attorneys for the year ended June 2023. 1.2 Identify two forms of financial statements and outline the reasons for preparing such financial statements. Question 2 Below is the information obtained from Goodwill Attorneys as at 30 October 2022: Stock N\$ 15 000; Land and buildings N\$ 129 200; Drawings N\$ 2 000; Petty Cash N\$ 100; Creditors N\$ 5 000; Cash N\$ 800; Vehicles N\$ 40 000; Debtors NS 3 000; Capital N\$ 100 000;: Bank Loan: ABC Bank N\$ 60 000; Bank N\$ 8 000; income received in advance N 2 200. Additional information 1. Provision for depreciation has been made for the following: (a) Vehicles: N\$ 17000 ; 2. Net Profit as derived from the income statement stands at N $28900; 3. The amount of taxes stands at NS 1800 . This amount refers to the expenses that the attorneys practice needs to account for, but for which no invoices have been received and no payments have been made. 3. The revenue that was earned during the period under review by has not yet been received stands at N\$1 200