Cr 313,461 212 Jaspal provides the following information: Trial balance as at 30 September 2020 Dr Inventory as at 1 October 2019 26,381 Purchases 197,384 Sales Return inwards 813 Return outwards Carriage inwards 277 Carriage outwards 1,732 Rate 4.780 General expenses 8,274 Wages 59,334 Motor expenses 13,981 Bad debts 3,140 Bad debts recovered Allowance for doubtful debts Discount allowed 814 Discount received Commission receivable Premises at cost 200,000 Equipment at cost 100,000 Vehicles at cost 84,000 Accumulated depreciation Premises Equipment Vehicles Debtors 28,000 Bank balance 4,986 Cash in hand 512 Capital Drawings 32,488 Creditors Long-term loan Loan interest 1,500 768,396 497 622 1,346 4,712 86,000 50,000 53,760 91,289 16,497 150.000 768,396 Additional information at 30 September 2020: Inventory was valued at 27,492. Wages owing amounted to 853. Rates paid in advance 1,270. Jaspal had withdrawn goods from the business for personal use amounting to 2,500. Commission receivable outstanding amounted to 180. This will be paid to Jaspal in December. . Allowance for doubtful debts is to be maintained at 2 1/2% of debtors outstanding at the year-end. Depreciation is to be provided for on non-current asset at the following rates: o Premises: 1% per annum using the straight-line method Equipment: 10% per annum using the straight-line method Vehicles: 40% using the reducing balance method REQUIRED: Prepare the Statement of Profit or Loss for the year ended 30 September 2020 and the Statement of Financial Position as at 30 September 2020. (40 marks)