A2 The following trial balance was extracted from the books of Al Mawaleh Traders, sole trader as at 31 May 2018. Trial balance as at 31 May 2018 Particular Debit Credit $ $1,960 Drawings 53.000 Ko ho 11,300 Receivables and Payables Opening inventory Salarics Freights Freight Out Purchases and sales Ratus Selling Expenses Baldetes Discount Received Equipment tool Furniture at cost Provision for depreciation Equipment Furniture 2.790 97.400140325 901.640 1:40 541 460 8.000 16.000 5:20 Bank over 7.416 Provision for doublul debes 200 214,761214.761 Additional information: Closing Inventory is valued at $12,600 on 31 May 2018 (ii) Outstanding Salaries were $1,200 (ii) Prepaid Insurance was $690 (iv) The provision for doubtful debts is to be adjusted to 5% of Receivables outstanding on 31 May 2018 (1) Depreciation is to be provided as follows: Equipment 10% per annum using the straight line method. Furniture 20% per annum using the straight line method. You are required to: Prepare the Statement of Profit or Loss (Income Statement) for the year ended 31 May 2018. B2 Prepare the Statement of Financial Position (Balance Sheet) based on the Trial Balance in Section A (Question 1)