PART A: STRUCTURED QUESTIONS Question 1: Control Accounts and Incomplete Records Newday Traders is a haberdashery retailer based in Kingston. The business has provided the following information for the year ending December 31, 2020: Balance b/d Cash sales Receipts from debtors Motor vehicle Bank interest Commission Balance c/d Bank 40,000 Payments to suppliers 170,000 Cash purchases 458,560 Rent 300,000 Fixtures 2,500 Rates 73,000 Wages 53,960 General office expenses Loan Drawings 1,098,020 492,020 32,500 57,500 220,000 8,500 66,000 11,500 78,000 132,000 1,098,020 List of balances: Details Creditors Debtors Stock Loan Building Motor vehicle Fixtures Rates prepaid Commission owing Wages owing Jan 1 83,200 94,500 75,500 194,000 340,000 720,000 Dec 31 91,030 82,400 95,600 116,000 340,000 400,000 210,000 7,600 25,000 22,000 4,600 21,500 14,500 Additional notes: Stock taken for personal use amounted to $9,500 Amounts written off as bad debts totaled $8,500 Discounts given to credit customers amounted to $3,400 The motor vehicle sale was at net book value 1 REQUIRED: Using the information provided, derive the trial balance, statement of profit or loss, and statement of financial position for Newday Traders for the period. Your submission should include all workings, such as the statement of affairs and control accounts. 2