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Mma Setso is a sole proprietor who sells various items The following is a summary of Mma Setso's transactions for the year ending 31 December

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Mma Setso is a sole proprietor who sells various items The following is a summary of Mma Setso's transactions for the year ending 31 December 2018. Bank overdraft 41000 Trade payables 3.400 Office furniture 45,000 Computers 5,000 Rent expense 22.000 Mma Setso, equity 16,000 Utilities expense 6,800 Salary paid 61.000 Cash 3,700 Fee income 158,500 Salaries accrual 2.300 Trade receivables 9,000 Depreciation for year 1.500 Stationery 4.500 Required Prepare the Income Statement for Mma Setso Business for the year ending December 2018 [20 marks)

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