Financial Accounting 101, Distance assignment This assignment is due on 28 June 2020. It should be submited via module Question 1. Mango Stores financial year ends on 31 December each year. On 31 December 2019. the owner of Margo Store needed the financial statements in order see how they has performed during the cument financial year. Unfortunately, the bookkeeper of Mango Stores was sick and was not able to prepare the financial statements. The following list of account balance was provided to you by the bookkeeper as at 31 December 2019 Mango Stores Trial Balance as at 31 December 2013 DR NS Cat 1412000 Land and buildings atost 26324000 Motor Vehicles (Cost price N540000) 28 890 00 Equipment Cost price 9 000) 7.290 00 Long term Investment ABSA Bank (1) 50.000.00 Inventory 8 88000 Accounts receivable 11 200 DO Cash and cash equivalent 3.700.00 Accounts payable Long-term can 15 Allowance for crede fortes Sales 3751000 Cost of sales 16549000 Salaries and was 2700000 Credits Insurance 2.250 00 Water and electricity 3.50000 Advertisements 2.000.00 Rent income 15.500.00 Interest on investment 573 810.00 57301000 The following transactions must still be taken into account: 2 1. The long-term loan was entered into on 1 July 2019. According to the agreement interest will be payable at the end of the each financial year on 31 December 2. Advertisement includes an amount of $400 paid for January 3. Insurance amounting to $750 was still outstanding the end of the current financial 4. Mango Stores deprecates all the monumenting the ducing balance method at a rate of 10% Land and buildings are not depreciated. Depreciation for the current year is yet to be accounted for 5. Adjust the allowance for credit toes to 5% of outstanding om. Required: a) Prepare the Statement of Profit or loss of Mango Stores for the year ended 31 December 2010 (14) b) Prepare the Statement of Financial Position of Mango Stores as at 31 December 2019 (16) Show all working Financial Accounting 101, Distance assignment This assignment is due on 28 June 2020. It should be submited via module Question 1. Mango Stores financial year ends on 31 December each year. On 31 December 2019. the owner of Margo Store needed the financial statements in order see how they has performed during the cument financial year. Unfortunately, the bookkeeper of Mango Stores was sick and was not able to prepare the financial statements. The following list of account balance was provided to you by the bookkeeper as at 31 December 2019 Mango Stores Trial Balance as at 31 December 2013 DR NS Cat 1412000 Land and buildings atost 26324000 Motor Vehicles (Cost price N540000) 28 890 00 Equipment Cost price 9 000) 7.290 00 Long term Investment ABSA Bank (1) 50.000.00 Inventory 8 88000 Accounts receivable 11 200 DO Cash and cash equivalent 3.700.00 Accounts payable Long-term can 15 Allowance for crede fortes Sales 3751000 Cost of sales 16549000 Salaries and was 2700000 Credits Insurance 2.250 00 Water and electricity 3.50000 Advertisements 2.000.00 Rent income 15.500.00 Interest on investment 573 810.00 57301000 The following transactions must still be taken into account: 2 1. The long-term loan was entered into on 1 July 2019. According to the agreement interest will be payable at the end of the each financial year on 31 December 2. Advertisement includes an amount of $400 paid for January 3. Insurance amounting to $750 was still outstanding the end of the current financial 4. Mango Stores deprecates all the monumenting the ducing balance method at a rate of 10% Land and buildings are not depreciated. Depreciation for the current year is yet to be accounted for 5. Adjust the allowance for credit toes to 5% of outstanding om. Required: a) Prepare the Statement of Profit or loss of Mango Stores for the year ended 31 December 2010 (14) b) Prepare the Statement of Financial Position of Mango Stores as at 31 December 2019 (16) Show all working