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Question A1 Assam & Sons are specialist tea merchants and have been trading in the UK for many years. The following balances were extracted from the ledger at 31 December 2017: Dr (61 10 11 12 Capital Sales Accounts payable Returns out Allowance for receivables Cr161 78,700 354,150 19,100 12,150 900 13 14 15 Discount allowed 3,700 16 1,100 17 18 Discount received Purchases Returns Inward 115,750 950 19 20 21 22 21 Carriage outwards Drawings Carriage in Rent Insurance Electricity 2,800 37,250 8,1001 25,000 6,150 9,600 24 25 Advertising and marketing costs 7,750 22 4,700 Office expenses Salaries and wages 20 22 41,000 2,400 650 10,000 Irrecoverable debts Cash Bank 30 31 Inventory at 19 January 2017 20,250 32 33 Accounts receivable Foctures and fitting at cost 34 19,800 150,250 466,1001 35 466,100 36 27 38 39 40 41 Notes: 1. Inventory at 31 December 2017 was valued at 24,900 2. Insurance has been paid for the 15-month period ending 31" March 2018 3. Electricity is charged at the rate of 900 per calendar month 4. The rent includes 5,000 payment for Henry Assam's (sopt the owner) luxury fat 5. The allowance for receivables is to be adjusted to 5% of yelf-end receivables Required: 42 41 04 (a) Prepare Assam & Sons statement of profit or loss for year ending 31 December 2017 and a position statement as at that date