B Question One Rukus trading company extracted the following balances from its books on 31 December 2021. N Capital Furniture and Equipment Accumulated Depreciation (Furniture & Equipment) Cash drawings Inventory on hand 1/1/2013 Purchases Sales Rent Insurance Salaries 240,000 80,000 32,760 50,000 40,000 206,000 412,000 4,300 5,700 7,000 Telephone & Postage Discount allowed 14,000 5,000 Discount Received 9,000 Bad debts 3,300 Accounts receivables 92,400 Cash 7,000 Provision for doubtful debts 2,600 Carriage inward 2,000 Accounts payables 64,500 Carriage outward Returns inward 1,200 12.100 Returns outward Land and Building Bank Notes: 9,600 210,000 30,460 a) Inventory on hand 31/12/2021 is valued at N62,900 b) Provision is to be made for the following accrued expenses at 31/12/2021-rent N1,200, salaries N1,500, c) Prepayments at 31/12/2021 include the following; insurance N1,300, telephone and postage N8,000. d) Provision for doubtful debts is to be N3,000. e) Furniture and equipment is to be depreciated at 10% on the carrying value. 2 Required: i Prepare Rukus Statement of Profit or Loss statement for the year ended 31 December 2021. ii. Prepare the company's statement of financial position as at 31" December 2021