Calculate income statement and balance sheet as at 31 december 2019

The Trial balance of Calvin, at 31 December 2019 is 'ven as following Dr (Rs'000] Cr [Rs'000 Plant Bi equipment at cost 300 Land 81 Building at cost 2.5 00 Motor vehicles at cost 80 Accumulated dereciation as at 1 anua 2019: Plant 8i equipment 120 Buildings 800 Motor vehicles 30 Discount allowed 26 Discount received 25 Cash in hand 26.0 Bank 70 Returns outward 31 Loan interest paid 4.2 Property expenses 10 Sales revenue 2,096 Returns inwards 26 Wa : es and salaries 70 Insurance 31 Bad debts 15 Carriage outwards 10 Freight inwards 12 Custom duty on purchases 5 Electricity 30 Invento at 1 anua 2019 650 Administrative ex-enses 80 Marketing expenses 70 Distribution expenses 34 Allowance for receivables, at 1 [anuary 2019 8 Purchases 1,100 Trade payables 170 Trade receivables 240 Ca l ital 2,000 8% Debentures 50 Rent 60 Drawings 20 TOTAL m . I l Page 2 of 6 Additional information as at 31 December 2019: [i] Closing inventory has been valued at 16555000. This included goods costing R515,000 which had a net realizable value ofm10,000. [ii] Marketing expenses include R56,000 paid for a marketing campaign which will start in October 2020. [iii] Rent increases from Rs60,000 per year to Rs84,000 per year as from 1st luly 2019. This has not been taken into account. [iv] An amount of [(58,000 will be uncoiiected. in addition, the allowance for receivables is to be adjusted to 3% of trade receivables. [v] Plant is depreciated at 5% per annum using the reducing balance method, (vi) Buildings are depreciated at 10% per annum on their original cost At 31 December 2019, buildings were professionally valued at $1,800,000 and this valuation to be incorporated into the accounts. (vii) Motor vehicle is depreciated at 5% per annum using the straight line method. [viii] Electricity expenses due for the quarter ended 31" December2019 is Rsl.500 [ix] Goods R515.000 and cash R5500 were taken out of the business for private use. [x] Calvin raised the loan on 1st July 2018 at an interest rate of 12% per annum, payable half yearly on 31 March and 30 September in each year. He settled R510,000 on 1st July 2019. No entry has been made in the books. REQUIRED: Prepare the following Financial Statements for Calvin: [i] (ii) An Income Statement for the Year ending 315l December 2019. [16.5 marks) A Statement of Financial Position as at 31\" December 2019. [11.5 marks} Page 3 of 6