(a) ABC Enterprises runs a small scale business in down town. The following information was extracted from their books for the period ended on 31st December 2010. DR. Kshs (000) CR. Kshs (000) 9,000 8,000 Land and buildings Motor vehicles Sales Fixtures Stock (1/1/2010) Purchases Advertising Commissions General expenses Insurance Creditors and Debtors Cash Electricity Salaries and wages Water 2,000 3,000 24,000 1,000 Telephone Capital 2,000 1,500 1,000 6,000 6,000 2,500 1,500 2,000 2,000 2,000 67,500 NB: Stock at 31/12/2010 was valued at Kshs 4,000,000 Required: (i) Prepare a profit and loss account for ABC Enterprises for the period. (7 Marks) (ii) Prepare the statement of financial position for ABC enterprises for the period ended 31st December 2010. (4 Marks) (4 Marks) (4 Marks) (6 Marks) 40,500 21,000 67,500 (b) Describe four errors affecting the trial balance giving examples in each. (c) Explain four types of journals commonly used in the accounting practice. (d) Describe six desirable characteristics of accounting reports.