Debit Credit Sales Purchases Inventory 1st January 2016 Administration expenses Selling expenses Financial expenses Trade receivables Cash at bank Trade payables Share Capital (ordinary shares of 1 each) Share premium account Machinery at cost Accumulated Depreciation -machinery Motor Vehicles at cost Accumulated Depreciation-Motor Vehicles Interim dividend paid Retained Earnings 590,000 281,500 67,000 62,250 12,100 10,900 24,200 130,300 125,500 160,000 30,000 275,000 200,000 6,750 55,000 80,000 29,500 1070,000 1070,000 The following additional information is also provided: 1) Inventory at 31st December 2016 was 74,000 2) Bad Debt of 10,300 to be written off 3) A bad debts provision of 2% of trade receivables is to be provided 4) Selling expenses to be prepaid in the amount of 3,000 5) Administration expenses in the amount of 8,000 to be accrued 6) Corporation tax to be provided for the year is 7,950 7) Depreciation of Machinery is to be provided at the rate of 10% per annum using the