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Question 4 (This question provides evidence for CILO 4) (25 points) You are given the ledger balances of Kawthar trading for the year ended 31 December 2020. Sh asked your help to prepare the financial statements for her business to be submitted to Tamkee for possible financial assistance. Kawthat capital Kawthar, drawings Fixtures and fittings - cost Fixtures and fittings - accumulated depreciation Motor-vehicle -cost Motor vehicle - accumulated depreciation Closing inventory - Statement of financial position Closing inventory - Statement of profit or loss Prepayments Accruals Accounts payable Revenue Cash in bank Cash on hand Rent Payroll expenses Accounts receivable Purchases 40,000 15,000 50,000 27,600 10,000 3,000 3,480 3,480 890 1,000 6,000 140,570 20,000 5,000 7,200 14,000 29,380 55,000 Purchases Allowance for bad debts Advertising expense Miscellaneous expenses Depreciation expense Opening inventory 40,300 55,000 1,380 2,000 1,500 6,600 2,980 Required: 1. Statement of profit or loss (7.5 marks) 2. Statement of changes in owner's equity (2.5 marks) 3. Statement of Financial Position (Balance Sheet) (11 marks) 4. Differentiate a statement of profit or loss from a statement of financial position. (4 mark