Produce a Statement of Financial Position as at 31 December 2015 and an Income statement for the year then ended, using the above Trial Balance. [Note: Only ONE adjustment for closing inventory is required to the Trial Balance to do this]

You have been given the following trial balance (TB) for the business of HazChops Ltd relating to the year ended 31 December 2015: f 1,300 850 10,000 1,200 8,100 0 Trial Balance for the year ending 31-Dec-15 Accrual (Salaries and Wages) Bad Debts Bank Loan Bank overdraft Capital at 1-Jan-15 Cash at bank Depreciation charge for year to 31-Dec-15 Discounts Allowed Drawings in the year Finance Charge: Interest in year Fixtures and Fittings - Accumulated Depreciation Fixtures and Fittings - Cost Inventory at 1-Jan-15 Motor Vehicles - Accumulated Depreciation Motor Vehicles - Cost Other Expenses Plant and Equipment - Accumulated Depreciation Plant and Equipment - Cost Prepayments (Rent) Provision For Doubtful Debts Purchases Rent and Rates Sales (per Sales Day Book) Sales for cash Tax Charge in Year Taxation payable (liability) Trade payables Trade receivables Wages and salaries 9,650 400 8,000 600 4,000 10,000 1,200 12,500 25,000 1,000 5,400 15,000 600 800 47,000 6,200 51,000 50,000 3,880 3,880 2,600 4,200 17,200 150,780 150,780 Inventory at 31-Dec-15 amounted to a value of 2,500