financial accounting

2.970 The following trial balance was extracted from the books of ABC Store on 31 December 20x5. DR CR S $ Sales 223.940 Returns inwards 1.900 Retums outwards 970 Discount allowed 800 Discount received Purchases 80,100 Stock 56,000 Rent and rates 60,500 Electricity 5,800 Debtors 45,700 Creditors 29.750 Bank 110,450 Motor vehicle at cost 100.000 Accumulated depreciation for motor vehicle 30.000 Provision for doubtful debts 5,420 Other expenses 7.500 Capital 185.200 Drawings 9.500 178.250 478.250 The following additional information is provided: 1. Rent of $5,000 is prepaid. 2. Electricity of $650 and other expenses of $780 are accrued. 3. The depreciation charge for motor vehicle for the year is $10,000. 4. The proprietor took $12,000 cash and $1,000 worth of goods for own use. No entry was made in the books in respect of this. 5. The closing stock is $12,000. 6. Bad debts of $9,550 are to be written off. 7. A provision for doubtful debts of 10% is to be made on the remaining debtors' balance. Required: Prepare the income statement of ABC Store for the year to 31 December 20x5 and the statement of financial position as at that date