Damask is a retailer who deals in spare parts at Kokompe. He pays in to his bank account the amount of his cash takings, after retaining 10,000 per week for personal use and after payment of wages and expenses, which for the accounting period of 31 December 2016, were as follows: e Staff wages 1,200,000 Goods 220,000 Cleaning 75,000 Carriage 35,000 Others 20,000 The transactions in his Bank Account during the period were: Balance as at 1 January 2016 2,000,000 Lodgements: From takings (cash) 30,100,000 Bulk sales account (cheques) 4,800,000 Interest on treasury bills 30,000 36,930,000 The following information were also provided: 31/12/2015 31/12/2016 Receivables -Bulk sales 490,000 430,000 Payables-Goods purchased 2,900,000 3,195,000 Rent 80,000 30,000 Electricity 25,000 65,000 Telephone 45,000 Consultancy fees 40,000 40,000 Inventories in trade 2,050,000 1,875,000 Furnitures and fittings 540,000 You are required to prepare a Statement of profit or loss for the year ended 31 December 2016 and a statement of financial position as at that date