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QUESTION TWO The Following Trial Balance Was Extracted from the Books of KINJO Ltd at 31 December 2019 Share capital authorized and issued: 80,000 59,000 15,000 650 80,000 ordinary shares of 1 each Freehold premises at cost Motor vans Balance 1 January 2018 at cost Additions less sale proceeds Provisions for depreciation of motor vans to 31 December 2018 Stock in trade 31 December 2018 Balance at bank Provision for doubtful debts 31 December 2018 Trade debtors and creditors Directors' remuneration Wages and salaries Motor and delivery expenses Rates Purchases Sales Legal expenses General expenses Profit and loss account: balance at 31 December 2018 6,750 13,930 6,615 275 12,395 11,380 4,000 13,127 3,258 700 108,440 142,770 644 5,846 2,430 243,605 243,605 You are given the following information. i. Stock in trade, 31 December 2019, 10,500. ii. Rates paid in advance, 31 December 2019, 250. iii. Debts of 1,075 to be written off and the provision to be increased to 450. iv. On 1 January 2019, a motor van which had cost 680, was sold for 125. v. Depreciation provided for this van up to 31 December 2018 was 475. vi. Provide for depreciation of motor vans (including additions) at 20% of cost. vii. The balance on legal expenses account included 380 in connection with the purchase of one of the freehold properties. viii. The directors have decided to recommend a dividend of 4 %. Required: With particular emphasis on presentation i) Prepare a trading and profit and loss account for the year 2019. (14 Marks) ii. Balance sheet at 31 December 2019. (11 Marks)