3. The following is the Trial Balance for Mina Traders as at 30th April 2020 (30 Marks) Particulars DR. CR. Inventory as at 30th March 2019 18,000 Capital 70,000 Cash at hand 2,400 Discount allowed 900 Salaries 1,300 Sales 47,200 Accounts payable 36,000 Land & Buildings 50,000 Furniture 18,000 Bank loan 0,000 Plant & Machinery 22,000 Accounts Receivables 25,000 Discount received 1,500 Returns outwards 2,200 Interest paid 850 Bad debts 650 Printing & Stationery 1,200 Purchases 32,000 Returns inwards 1,800 Wages 2.800 176.900 176,900 Notes to the end year financial Report: (a) The inventory at hand on 30th April 2020 was valued at 29,000 (b) Out nding was 700 (c) Wages paid in advance to employees was 1,200 (d) Depreciate land & Buildings at 5%, and plant & machinery at 10% p.a using straight line method (e) Write off 1,000 for further Bad debts. Required: (30 Marks)- Use no more than 300 words excluding the calculations for question (i) and (ii) (i) Prepare Mina Traders Income Statement (Trading, Profit & Loss Account) for the year ended 30th April 2020 (10 Marks) (ii) Prepare A balance sheet for Mina Traders as at 30th April 2020 (10 Marks) With relevant literature explain advance payments also known as prepayments. What accounting concept guided your treatment of the prepaid expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet (5 Marks) (iv) With relevant literature explain outstanding payments also known as accruals. What accounting concept guided your treatment of the accrued expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet