dlichsel Elijah is a sole trader On December 31, 2015 the following Trial Balance was extracted from his books: Trial Balance as at December 31. 2015 Detals Accounts Cr $ eturn inwards 80,000 4,500,000 200,000 Cash at bank Stutionery Sales Stock, January 1, 2015 23.480,000 2,600,000 150,000 Insurance count received Carriage inwards Accounts receivable Rent Drawings Purchases Motor vehicles 570,000 500,000 5,800,000 1,100,000 800,000 10,690,000 8,000,000 Provision for depreciation on motor vehicles 3,000,000 Motor vehicle repairs 500,000 Return outwards V' | Provision for bad and doubtful debts 190,000 Discount allowed 300,000 100,000 400,000 13.130,000 Cash in hand Commission 600,000 1,500,000 1.800.000 Electricity ital Wages 3,600,000 1,500,000 Fumuture ind fittings Accumuiated depreciation on furniture and fittings 500,000 Carriage outwards 350.000 Accounts payable a Depreciation is to be recorded as follows: motor vehicles 20% reducing balance office furniture and fittings l0% straight line. ii) Stock on December 31. 2015 was valued at $3,100.000. ii) On December 31, 2015 rent amounting to $100,000 was not yet paid while commission receivable for $120,000 was still ontstanding 3,200,000 44570.000 I 44570.000 Gv) In December 2015 Michael Elijah paid The Stationery Shop $80,000 for stationery that was to be received in January 2016. The provision for bad and doubtful debts is to be adjusted to 2% of debtors Required: Prepare Michael Elijah's Income Statements and Balance Sheet for the financial year ending December 31, 2015