Chantal Clarke is a sole trader who operates a wholesale. The following trial balance was as at March 31, 2018 Particulars DR ($) CR($) Furniture 150,000 Motor Vehicle 600,000 Purchases 1,000,500 Wages 160,500 3,000 Bad debts 5,000 Provision for depreciation - Furniture Provision for depreciation - Motor Vehicle 120,000 Capital 150,000 Loan 300,000 Bank 49,500 Rent received from Jermain Brown 30,000 Discounts 3,500 4,500 Returns 40,000 22.000 Carriage inwards 2,500 S Rent paid 80,000 Provision for bad debts 1,500 Accounts payable 94,000 a) The monthly payment for insurance is $600 for the year. b) wages were prepaid $800, commission receivable for the year amounted to $15,000 c) She rents a small section of the building to Jermain Brown, for $4,500 per month starting June 1, 2017 until the end of the accounting year. d) Chantal Clarke took some goods valued at $3,400 from the wholesale for her daughter's birthday party. This was not recorded in the books. e) The provision for bad debt is to be adjusted to 7% of accounts receivable f) Stock at the yearend was valued at $67.700. g) Depreciation rates are as follows: i. Furniture -10% per annum on the reducing balance basis ii. Motor Vehicle -10% per annum on the straight line basis Required: a) Prepare Chantal Clarke's Statement of Profit or Loss (25 marks) b) Prepare Chantal Clarke's Statement of Financial Position (15 marks) Accounts payable 94,000 Drawings 8,000 Stock at April 1, 2017 235,000 Cash 25,500 Accounts receivable 35,000 Sales 1,670,000 Commission receivable 20,000 Insurance 6,000 Carriage outwards 18,000 2,417,000 2,417,000