Joe Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31st March 2006. GH GH Sales 400,000 Purchases 350,000 Sales returns 5,000 Purchases returns 6,200 Opening stock at 1st January 2006 100,000 Provision for doubtful debts 800 Wages and salaries 30,000 Rates 6,000 Telephone 1,000 Shop fittings at cost 40,000 Van at cost 30,000 Debtors and creditors 9,800 7,000 Bad debts 200 Capital 179,000 Bank balance 3,000 Drawings 18,000 593,000 593,000 a) Closing stock at 31st December 2006 GH120,000. b) Accrued wages GH5,000. c) Rates prepaid GH500. d) The provision for doubtful debts to be increased to 10% of debtors. e) Telephone account outstanding GH220. f) Depreciate shop fittings at 10 percent per annum, and Van at 20 percent per annum, on cost. Required prepare income statement and a balance sheet as at 31st December 201