5. Alan started a salon on 1 January 2013 The following is the trial balance of his business as at 31 December 2013. Dr Cr $ $ Capital 1 January 2013 9,000 Drawings 3,760 Motor car (cost $1,800) 1,320 Cash in hand 40 Cost of new hair dryer 120 Equipment (cost $1,000) 600 Freehold premises 6,000 Advertising 230 Cash at bank 5,400 Motor car expenses 480 Rates 140 Telephone 110 Revenue from hairdressing 10,400 Sundry expenses 1,200 19,400 19,400 Additional Information: Rates prepaid 31 December 2013 $30. (ii) One-fifth of motor car expenses including depreciation for the year is to be regarded as private use. (iii) Provide for cleaning costs $50. (iv) Depreciate all equipment on hand at 31 December 2013 by 10% of cost. () Motor car is to be depreciated by 20% on reduced balance. REQUIRED (a) Prepare the following final accounts for Alan: (i) Profit & loss account for the year ended 31 December 2013. (ii) Balance sheet as at 31 December 2013 (b) State and explain why there is some common items are not found under Current Assets