CBOU 2023 Page 4 of 11 Timed Assignment ziples of Accounting Additional information a. Closing inventory P40,000 b. Motor vehicles purchased P10, 000 was included in Purchases by mistake. c. Electricity P1, 000 was owing at the end of the financial year. d. Telephone bill was outstanding P2,000. e. Salaries and wages P20,000 was paid in advance f. Insurance of P1,000 was paid in advance. g. Depreciate non-current assets by 20%. h. Provision for doubtful debts is 2% of accounts receivable. Required: a. Prepare the Statement of Comprehensive Income for the year ended 31st December 2020. b. Prepare the Statement of Financial Position as at 31st December 2020