A. 1 Normal No Spacing Heading Heading Paragraph MAKE UP ASSIGNEMENT DUE ON FRIDAY 04 DECEMBER, 2020 AT 08:30 HOURS Below are Trial balance entre (post adjusted balancen) for Chilyuni tid for the trading period ending 31 December 2015 Sales Purchases Sales retums Purchases returns Discount received Discount allowed Stock (1, January 2015) Salaries and wages Electricity and gas Rent and rates Sundry expenses Premises Equipment Vehicles Debitors Bank overdran Cash Credits Value added tax upad Capital Drawings Long-term loan K 250.000 156,000 5,400 7,200 2.500 3,700 12 350 45,000 3.000 2 000 4.700 100,000 30,000 21, 500 23 350 151 125 12, 041 1.475 110 000 10 442 33 000 Additional information A atjustments relating to bad tehts depreciation accruals, and prepayments have been made Steek at 31 December 2015 was valued at 15.300 1) You are required to prepare a) A Trial balance as at 31 December 2015 6 marks bi A Trading, Profit and loss account for the year ended 31 Dec, 2015 14 marks c) A Statement of Financial position (Balance Sheet) as at 31 Dec, 2015 16 marks 21 Explain the importance of preparing Financial Statements 4 marks