INTRODUCTION TO FINAL ACCOUNTS OF A SOLE PROPRIETOR Required: A statement of profit or Loss for the year ended 30 September 2018 and a statement of financial position as at that date Capital Rent a Insurance - BigMac trading company extracted the following balances from its books on 31st December 2014 N 282.470 Land and Building 240,000 Provision for Depreciation on Land and Building 24,000 Plant and Equipment 85.000 Provision for Depreciation (Plant & Equipment) 17.000 Cash drawings 15,000 Inventory (1/1/2013) 14,000 Purchases 120,600 Sales 214,200 6,540 5,700 Salaries 19,700 Telephone & Postage 1,400 Discount allowed > CASES 5.000 Discount Received and 4.800 Bad debts - A) 3,330 Accounts Receivable 59,240 Accounts Payables 74.500 Provision for doubtful debts 3,600 Carriage inward 2,400 Carriage outward who you to 2,200 Returns inward 12,100 Returns outward 9,600 Cash at Bank 30,460 Cash at Hand 7,500 630,170 630.170 Additional information: -i. Inventory on hand 31/12/2014 was valued at N60,290 ii. Outstanding expenses at 31/12/2014- Rent 1.200, Salaries N2,500. Prepayments at 31/12/2014: Insurance N1,300. Telephone and postage N900. iv, Provision for doubtful debts is to be set equal to 5% of the closing Accounts receivable balance. v. Plant and Equipment is to be depreciated at 10% on cost. vi. Land and Building is to be depreciated by 5% on cost Required: Prepare Trading, profit or loss account for the year ended 31 December 2014 and the Statement of Financial Position as at that date. delets goods in your customer