earch Scenario and activity: You are initially working with a selection of these small businesses that have been trading for three years and which now need annual trading statements to be compiled and submitted in line with government requirements. You have been given: an extended trial balance for each business, including accruals, prepayments and figures for bad debts and depreciation. a range of comparative key performance ratios from the previous year. Task 3; the data provided below is to be utilised to prepare a year-end Financial Statement that will be comprised of; 1. Statement of Comprehensive income [SOCI] also known as Profit & Loss Account 2. Statement of Financial Position [SOFP] also known as Balance Sheet Problem 2 Unadjusted Trial Balance of Marketing Consulting Service INC Ltd as at 31st December 2023 Capital Sales Dr Cr 180,000 400,000 Land and Building 160,000 Plant and Machinery 531,610 Cash at Bank 214,000 Rent & Rates 10,000 Energy 6,000 Wages & Salaries Trade Receivables Trade Payables Auditors Fees Sundry Creditors 34,000 50,000 46,000 2360 125350 Mortgages Dividend Received Long term loans Stock 256000 2400 Commission Received 4600 25620 32,000 1,039,970 1,039,970 Additional information 1. An energy bill for 3,000 was received for the period November 2020 to December 2020, but was unpaid at the end of the year. 2. A bad debt of 8,000 has arisen as a result of a customer going into liquidation, but this has not been entered in the accounts. 3. A provision for doubtful debts of 10% of trade receivables is to be made. 4. Closing Inventory was valued at 28,000. 2