please solve this urgently

Question 3 (5 marks) Garden Guru Garry is a business that commenced operations in early 2020. The owner, Garry, is a friend of your family, Garry was asked by his bank to provide financial statements for his business for the first six months of operations, as part of a loan application. As Garry has no experience in Accounting, he watched some "how to prepare financial statements" videos he discovered online and then prepared the financial statements on the next page Page 2 of 4 BBUSIDAS - Assignment 1 (1.000 words. T3, 2020 $ Garden Guru Garry Statement of Profit or Loss As at 30 June 2020 Income Accounts receivable Cash at bank Income received in advance Service revenue Total income Expenses Depreciation expense Prepaid rent Rent expense Supplies expense Wages expense Utilities expense Total expenses 4,350 11,625 3,750 54,000 73,725 3,750 3,750 15,000 7,425 15,750 3,825 49,500 Net profit 24,225 Garden Guru Garry Balance Sheet For the period ending 30 June 2020 Current Assets Motor vehicles Supplies Total Current Assets Non-Current Assets Office equipment Total Non-Current Assets Total assets 37,500 9,300 46,800 10,575 10,575 57,375 Current Liabilities Bank loan (due in 2023) Accounts payable Total Current Liabilities Total liabilities 15,000 7,200 22,200 22,200 Net Assets 35,175 Owner's Equity Capital Total equity 51,150 51,150 After learning that you are currently studying Accounting at La Trobe University, Garry has asked you for advice in the form of a brief written report. Your report should: a) Describe the purpose of each of the financial statements above. Include in your answer how they are linked (100 words). (1 mark) b) List any errors Garry has made in these financial statements and then briefly explain to Garry the correct treatment (275 words). (4 marks)