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John Phelps has run a small business for many years and has never kept adequate accounting records. However, a need to obtain a loan from the Bank of Make it Flow, for the expansion of his business has necessitated the preparation of final accounts. As such, he has contracted a medium size accounting firm. WAD & Associates to assist him in preparing a full set of accounting records. You were recently employed to WAD & Associates and have been assigned the task to prepare the final accounts for John Phelps. You were able to ascertain the following information for the year ended December 31, 2020 1. Joht Phelps" bank transactions for the year January droog December 31. 2020 were as follows: Bank Account Receipts $ Payments Trade receivables 430,100 Trade payables 272-500 Debit card 40,000 Electricity 4.500 Rates and on 23.100 Loan principal 25.000 Drawings 1.250 Computer equipment 150.000 Chandratt 750 Salaries & wages 26.000 Accounting for 7.500 470,100 511.100 2. The bank account bad a favourable balance on December 31, 2020 of 547.900 before considering Note 31c) and Note 6 below. 3. During the year a. Discounts allowed by trade payables amounted to 51.350 and allowed to trade receivables amounted $1,840. The financial year goods retumol by trade receivables amounted to $1,600 and goods retumed to trade payables amounted to $5,900 c. The financial year a trade debt of $1.200 ewed by Lottie Graham was off-set against the $2.000 owing to the same Lome Graham a trade creditor d. A customer, Janet Hurtoe bought goods using a debit card. She returned goods amounting to $700 and was repaid from the Debit Card takings before applying the commission (see me goods amounting to $700 and was repaid from the Debit Card takings before applying the commission (se note e. John Phelps pats a further $135.000 into the bank account of the business to shore up working capital. This is not yet sellected in the bank balance. 4. The closing trade receivables include $750 in respect of a bad debe that should be written of 5. The computer equipment was purchased on April 9, 2030. Depreciation should be calculated on the computer equipment on the straight line basis at a rate of 20% per annum on cost. It is the policy of the business to charge a full months depreciation in the month of acquisition or disposal 6. On April 1, 2020 John Phelps received a loan of 575,000 from his mother. Interest should be charged on the reducing balance at a rate of 10% per annum The first interest payment is to be made on March 31, 2021. The principal is being paid in equal instalments of $25,000 commencing on September 30, 2020, September 30, 2021 and September 30, 2002. Interest ce loan was outstanding at December 31, 2020 7. For some of the sales debit cards are accepted. John Phelps pays 2.5% dehit card commission on gross debit card sales 8. The balances at the end of cach year we as follows December 31, 2019 December 31, 2020 5 Inventory 41.000 48.500 Trade receivables 29,300 Prepaid rent Soo 20.000 19,000 Trade payables 19.500 19,000 Debit card receivables 1.33 750 5 15.750 600 Fixtures (net) Required: a. Prepare the Statement of Affairs as at January 1, 2020 b. Prepare the Trade Receivables Control Account (10 marks) (3.5 marks) c. Prepare the Trade Payables Control Accounts (7 marks) 1. Prepare the Statement of Affairs as at January 1, 2020 (10 marks) b. Prepare the Trade Receivables Control Account (3.5 marks) c. Prepare the Trade Payables Control Accounts. 3 (7 marks) d. Prepare the Debit Card Receivables Account (2.5 marks) c. Prepare the income Statement for the year ended December 31, 2020 (25 marks) f. Prepare the Statement of changes in owner's equity for the year ended December 31, 2020 (7 marks) 5. Prepare comparatively the Statement of Financial Position as at the year ended December 31, 2020 (25 marks) h. Prepare a Statement of Cashflow for the ended December 31, 2020. (20 marks)