ILLUSTRATION 3.2 The following is the list of balances extracted from the ledger of CHINEDU & COMPANY, a sole Practitioner that is an Audit Firm as at 31 December, 2016. N Audit Fee Income Consultancy Fee Income 1,000,000 2,000,000 Cash in Bank Sundry Income Capital Administrative Expenses 1,650,000 300,000 750,000 600,000 Salaries & Allowances 800,000 Subscriptions 10,000 Retained profit Brought Forward 1,150,000 Professional Licence Renewal Fees 5,000 Rent 150,000 Stationery 250,000 Sundry Receivables 850,000 Transport & Travelling Furniture & Fittings (Cost) Motor Vehicle (Cost) 75,000 300,000 550,000 Newspapers & Journals 80,000 Rates 50,000 Provision for Depreciation- (M/V) 110,000 Provision for Depreciation (Furniture & Fittings) 60,000 Provision for Depreciation- (M/V) Provision for Depreciation- (Furniture and Fittings) 110,000 60,000 You are required to prepare a Trial Balance of the firm as at 31December, 2016