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Question 1 YAHO Ventures is a trading organization. The Trial balance of the firm for the year ended 31 December 2006 is as follows: DR N CRN Inventory 01/01/2006 61.250 Sales 489,600 Salaries & Wages 99,925 Motor Vehicles 129,375 Furniture & Fittings 55,620 Motor Vehicle Expenses 17,190 Insurance 2.025 Office Expenses 5,580 Rates 7.775 Lighting Expenses 4.295 Trade Receivables & Payables 100.800 44,800 Cash & Bank 12,465 Carriage Inwards 6.000 Carriage Outwards 4,000 Drawings 31.050 Capital 320,110 Return Inwards & Outwards 2.600 6.000 Purchases 320.560 Total 860,510 860,510 39 You are also provided with the following additional information. 1. Inventories as at 31 December 2006 N76, 230 II. Rates outstanding as at 31 December, 2006 amount to #1,555 III. Insurance expenses include #315 meant for the next period up to 31 March, 2007 IV. Accrued expenses on lighting amount to #835 V. Depreciation provisions are as follows: Motor Vehicles 20%, Furniture & Fittings 10% VI. 2% Should be provided on Receivables for doubtful debts. You are required to prepare financial statements showing the performance of the business for the year ended 31* Dec. 2006 and financial position as at that date