Kekeli owns a second-hand clothing business at Kokomlemle. At 31 December, 2013 the following balances appeared in her books: Dr. Cr. GH GH Capital 128,000 Property, Plant and Equipment (PPE) at Cost 120,000 Accumulated depreciation on PPE at 1/1/2013 24,000 Inventory 20,000 Purchases and sales 75,000 240,000 Returns 4,500 2,000 Carriage outwards 8,000 Carriage inwards 3,400 Trade Receivables 35,000 Trade payables 40,000 Allowance for doubtful debt 15,000 Bad debts 10,000 Staff cost 45,000 Discounts 9,000 15,000 Advertise 22,000 Electricity & Water Bills 27,000 15% Loan note 26,800 Rent & Rates 15,000 Sundry expenses 18,000 Cash 15,000 Bank 48,900 Personal drawings 15,000 490,800 490,800 a) Inventory at 31 December, 2013 was valued at GH 18,500. b) Depreciation at the rate of 20% on cost is to be provided on property, plant and equipment. c) An amount of GH 5,000 is outstanding in respect of staff cost at 31 December, 2013 d) Allowance for doubtful debt is to be adjusted to GH 10,000 at 31st December, 2013 as a result of improvement in debt recovery efforts. You are required to prepare: i. The Income statement for the year ended 31" December, 2013 ii. Statement of financial position as at 31" December, 2013