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year 8 The Trial Balance of Kimmy's Junk business as at 31 December year 9 as follow: DR CR E E Bank 18,010 Capital as at 31 December year 8 90.950 Fixture and fitting at cost 1.200 General expenses 14,000 Insurance 5,000 Interest paid 7,000 inventory at 31 Dec Year 8 3,000 Lightening and heating 12,000 Loan from Bank of Ruristan 100,000 Payables 32,000 Provision for bad debts 1.880 Accumulated depreciation on delivery van as at 31 Dec 9,760 Accumulated depreciation on fixture and fitting as at 31 Dec year 8 720 Accumulated depreciation on premises as at 31 Dec year 8 24,000 Purchases 47,000 Trade receivables 41,100 Sales revenue 225,000 Shop premises at cost 300.000 Delivery van at cost 20,000 Wages 16,000 484310 484.310 Adjustments 1. Closing inventory as at 31 December Year 9 amounted to 4,000. 2. Depreciation is to be provided on shop premises on a straight line basis at 2per cent per annum 3. Depreciation is to be provided on fixtures and fittings on a straight line basis at 10 per cent per annum 4. Depreciation is to be provided on the delivery van at 20 per cent per annum on a diminishing balance basis 5. The electricity bill for the three months ending on 28 February Year 10 amounts to 2,700 and has not yet been recorded in the accounts. 6. The amount shown for insurance includes [ 1.200 for the three-month period 1 November Year 9 to 31 January Year 10. 7. A specific debt of 1.100 is to be written off as irrecoverable. & The provision for bad debts is to be adjusted to be 5 per cent of receivables. 21 Pace 9. On 31 December Jimmy took drawings from the business of 18,000, which have not been recorded Required: 1. Prepare the Income Statement for the year ended 31 December Year 9 (25 Marks) 2. Prepare the Statement of Financial Position as at 31 December Year 9 (25 Marks)