Question 1 (31 marks) The following balances were extracted from the books of Kimmie Deon for the period 30/06/21. Sales Capital Stock at 01/07/2020 Purchases Return Inwards Wages Return Outwards 72,189.00 39,375.00 12,405.00 32,376.00 592.00 13,782.00 656.00 Rent expense 3,215.00 Rates 1,442.00 Motor Vehicle 18,375.00 Provision for Depreciation - Motor Vehicle 3,675.00 Drawings 2,100.00 Loan 23,625.00 Building 39,375.00 Provision for Depreciation - Building 7,875.00 Equipment 17,060.00 Provision for Depreciation - Equipment 3,540.00 Debtors 11,130.00 Fixtures & Fittings 18,370.00 Provision for Depreciation - Fixtures & Fittings 3,675.00 Provision for bad debts 1,706.00 Commission Received 6,825.00 Carriage Outwards 2,100.00 Carriage Inwards 582.00 Rent Received (from John Jones) 2,100.00 Creditors 4,050.00 Bank 7,225.00 Cash 3,612.00 176,516.00 176,516.00 Year-end notes: (a) Stock at 30/06/21 was valued at $9,188. (b) Depreciate Building at 8% on the straight line, Equipment at 5% on reducing balance, the Motor Vehicles at 10% on the reducing balance, Fixtures & Fittings at 20% straight line. (c) Wages is prepaid by $700 and rates is owing by $306 and commission received is owing by $350. (d) The owner took goods worth $125, each month commencing March 1, 2021 until August 31, 2021 which was not previously recorded. (e) The provision for bad debt is to be adjusted to 10% of debtors. (f) Kimmie rented an office space to John Jones for the entire year at $200 per month. Required: (a) Prepare the Financial Statements of Kimmie Deon for the year ending 30 June 2021. (31 marks) 2