Prepare Jagjeet and Jones Ltd. Income Statement and Balance Sheet for the year ending /as at 31st December 2020.

Question 2 Jagjeet and Jones Ltd. started in business on 1st January 2020 . The following is the company's Trial Balance as at 31st December 2020 : Additional Information: 1) During the end of accounting period, stock on hand was valued at $10,000. 2) On the 31st of December 2020 , an amount of $400 was outstanding for telephone expenses, and the borrowing rates have been prepaid by $500. 3) The delivery van is to be depreciated at the rate of 20% per annum on cost. This makes depreciation $4,000 on the 31st of December 2020. 4) On the 31st of December 2020 , the company has an amount of $600 of unbilled invoice that is to be issued to one of the customers