Part B Khamis LLC, a wholesaler has the following trial balance as at 31 March 2016 Revenue 300,000 50,000 40,000 30,000 65,000 150,000 Motor vehicles Accumulated depreciation as at 1st April 2014 Inventory at 1st April 2014 Cash at Bank Trade Receivables Trade Payables Plant and equipment Accumulated Depreciation as at 1st April 2014 Bad Debts Heating and lighting Wages and salaries Bank overdraft Insurance Land at cost TO Bank loan Retained earnings as at 1st April 2014 Share Capital at 1st April 2014 9,000 20,000 30,000 3,000 5,000 100,000 50,000 85,200 150,000 799,000 The following information is also available:- a) Closing Inventory as at 31" March 2016 was valued at $ 85.000 b) Insurance-includes an invoice paid in advance of $ 2,000 c) Interest on bank loan is still outstanding at the year end d) Depreciation is provided on a Straight Line Method at 5% on cost of plant and Equipment e) Depreciation is provided on a reducing balance basis at 15% on Motor Vehicles From the above information you are required to prepare i ii. Income Statement for the year ended 31st March 2016; A Statement of Financial Position as at 31st March 2016. Please show all workings, notes, indicating how you have arrived at various items of expenses, income, assets and liabilities. To achieve pass you must: To achieve pass you must; Explain and differentiate the capital expenditure and revenue expenditure and prepare income statement and Statement of Financial Position. To achieve M1 Identi f i c locommand CASA