Please provide workings for me Workings are needed so that I can get a good mark

QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta, to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records Balances as at 31/12/2019 Pro perty, plant and 995000 equipment Accumulated Depreciation 242382 inventories 358200 Receivables 199000 Pepaymenls-Rates 7960 Bank 39800 Cash 1 1 94-0 Creditors 79600 Electricity Accrued 4975 Balances as at 3 1/12f2020 inventories 674610 Receivables 238800 Pepayments-Rates 8955 Bank overdraft 308450 Cash 1 1 940 Creditors 9 1 540 Electri city Accrued 5970 The records show cash and bank transactions as follow.- Cash Receipts Balance 8 f D 11940 Sales 298500 Cash Payments Deposit into bank 298500 Bank Receipts Balance 8/ D 39800 Accounts Receivable 2786000 5% Loan received 597000 Sale proceeds from sale of motor van 163180 Cash banked 298500 Bank Payments Accounts Payables 2139000 Rates 179100 Electricity 39800 Telephone 29850 Loan Interest 29850 Insurance 19900 Wages and Salaries 398000 Drawings 497500 Property, Plant and Equipment 796000 Sundry Expenses 1393 0 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost ofmotor van that was disposed off 199000 Accumulated Depreciation of the motor van that was disposed off 37810 Discount received during the year amounted to 39800 During the year the owner gifted a pair of earings to his daughter worth 39800 REQUIRED: 1. Prepare an Income Statement and a Statement of Financial Position for the 2020 Financial year