3.Prepare Trading and Profit and Loss account from the following information for the year 315 December 2015. Opening stock 5,500 Retum outward 1,500 Purchases 18,400 Return inward 900 Manufacturing wages 4,400 General expenses 700 Sales 42,000 Discount allowed 800 Camiage inward 600 Discount Received 500 Carriage outward 700 Interest Received 450 Factory Rent 2000 Closing Stock 8700 I Office Rent 1200 a) Why is it necessary to record the adjusting entries in the preparation of final accounts? b) While preparing final accounts, what treatment is made of prepaid expenses