kindly solve this question on EXCEL as soon as possible. Thank you in advance. i'll surely give u thumbs up. URGENT HELP REQUIRED

Q1. Michelle runs a bakery and she has been able to provide you with a trial balance for the year and has now asked you to prepare her financial statements for the year ending 31st July 2021 below: Dr Cr 19,000 2,000 250.000 40,000 16,690 18,440 5,100 195,450 Equipment -cost Equipment - accumulated depreciation as at 1st August 2020 Premises -cost Premises - accumulated depreciation as at 1st August 2020 Trade payables Trade receivables Inventory as at 1st August 2020 Capital as at 1st August 2020 Drawings Cash at bank Sales Purchases Wages and salaries Returns outwards Telephone expenses Heating and lighting Interest paid on bank loan Bank loan repayable 1st December 2022 20,000 22,950 95,500 14.550 1,300 400 2,500 5,700 500 10,000 360,040 360,040 The following information is also available as at 31st July 2021: 1. Michelle had baked a cake for a friend for a 50th birthday but the friend was now refusing to pay. Michelle has decided to write off 100 as irrecoverable. 2. Depreciation on equipment is charged at 20% per annum on a reducing balance basis. 3. Depreciation on premises is charged at 2% per annum on a straight line basis. 4. Closing inventory has been valued at cost of 7,900, however, it does include 100 lemon cakes that Michelle purchased in bulk which are now close to their sell buy date. Michelle is planning to sell these lemon cakes at a discount in the bakery as part of a promotion next month for 1 each which is less than the original purchase price of 1.50 each. 5. As at 31st July 2021 heat and lighting expenses were owing amounting to 500, while telephone expenses were prepaid by 90. Required: Prepare the following financial statements for Michelle: a. Statement of profit or loss for the year ended 31st July 2021 b. Statement of financial position as at the 31st July 2021