11. The following trial balance has been extracted from the ledger of L Chan, a sole proprietor Debit Credit E E Inventory: 1 January 2020 6,700 Capital: 1 January 2020 23,450 Drawings 6,000 Cash in hand 450 Cash at bank 4,500 Accounts receivable and accounts payable 17,500 12,500 Allowance for doubtful debts 500 Purchases and sales 77,100 136,360 Discounts 2,400 2,200 Carriage inwards 900 Miscellaneous expenses 2,310 Rates and insurance 3,800 Rent 8,800 Salaries and wages 39,930 Fixtures and fittings at cost 6,600 accumulated depreciation 1,980 176,990 176,990 The following additional information as at 31 December 2020 is available: (0 Rent accrued was 800. ( Insurance has been prepaid by 300. (it) Inventory at the close of business was valued at 7,600. (iv) The allowance for doubtful debts to be decreased to 350. BUSFF026-E1 Turn Over 6 BUSFF026-E1 (0) Fixtures and fittings to be depreciated at 10% per annum using the straight line method Required: Prepare a statement of profit or loss for the year ended 31 Decembar 2020 015 marks) Preparatement of financial position as a December 2020 Starks)