Please kindly assist to solve the attached assignment.

Mr. Mangotey separated from his employers, Excellent Breweries ltd on 31* December 2005 on voluntary redundancy and decided to use his terminal benelits as a venture capital to start a business of selling LG Generatars of a standard type. He started the business with initial capital of c80,000 on January 1, 2006. He arranged with Somotex to supply him with the generators at a unit price of c360. He decided to sell mainly an cash basis for c500. He however agreed to sell to friends and relatives an a monthly credit basis at the same arice of C500. Effective 1* September 2006, Mr. Mangatey decided to introduce hire purchase sales to meet the request fram prospective custamers in formal emplopment. He required a deposit of c120 followed by 12 monthly installments of c40 each. All hire purchase sales are made in the first week of the month and the first installment is payable by the end of the month. During 2006, Mr Mangotey bought 600 generators from Somotex and sold 420 for cash and on normal monthly credit terms. Hire purchase sales were 10 in Septernber, 24 in October, 40 in November and 50 in December but 4 of those sold in October were repossessed in December after deposit and one month installment had been paid in each case. Each of the repossessed generators were valued to have a net realizable value of c300. Mr. Mangotey, not being conversant with accounting treatment af hire purchase transactions, credited all sales to sales account and debited same to either cash book ar debtors. The trial balance of Me. Mangotey Enterprise as at 314" December 2006 was as fallows: Dr Cr GHS GHS Required Prepare the income statement of Mr. Mangatey Enterprise for the year ended 31 December 2006 and balance sheet as at 31" December 2006 Mr. Mangotey separated from his employers, Excellent Breweries ltd on 31* December 2005 on voluntary redundancy and decided to use his terminal benelits as a venture capital to start a business of selling LG Generatars of a standard type. He started the business with initial capital of c80,000 on January 1, 2006. He arranged with Somotex to supply him with the generators at a unit price of c360. He decided to sell mainly an cash basis for c500. He however agreed to sell to friends and relatives an a monthly credit basis at the same arice of C500. Effective 1* September 2006, Mr. Mangatey decided to introduce hire purchase sales to meet the request fram prospective custamers in formal emplopment. He required a deposit of c120 followed by 12 monthly installments of c40 each. All hire purchase sales are made in the first week of the month and the first installment is payable by the end of the month. During 2006, Mr Mangotey bought 600 generators from Somotex and sold 420 for cash and on normal monthly credit terms. Hire purchase sales were 10 in Septernber, 24 in October, 40 in November and 50 in December but 4 of those sold in October were repossessed in December after deposit and one month installment had been paid in each case. Each of the repossessed generators were valued to have a net realizable value of c300. Mr. Mangotey, not being conversant with accounting treatment af hire purchase transactions, credited all sales to sales account and debited same to either cash book ar debtors. The trial balance of Me. Mangotey Enterprise as at 314" December 2006 was as fallows: Dr Cr GHS GHS Required Prepare the income statement of Mr. Mangatey Enterprise for the year ended 31 December 2006 and balance sheet as at 31" December 2006