Question 1 The following trial balance was extracted from the books of Aderonke Ltd, a retailer, at the close of business on 31 December 2020 30,000 100,000 164,000 5,000 13,000 500 Trial Balance Capital Purchases Sales Revenue Trade payable Trade receivable Discount received Discount allowed Carriage outwards Drawings Rent & Rates Heating and Lighting Salaries and wages Cash in hand Bank Over draft Inventory 1/1/2020 Delivery van Motor running cost Shop fittings at cost Accumulated depreciation, Delivery Van 1/1/2020 Accumulated depreciation, shop fittings 1/1/2020 920 1,500 14,000 9,300 4,500 37,000 1,350 1,200 6,000 9,000 630 8,500 3,500 1,500 205,700 205,700 a. Inventory at 31 December 2020 was 4,400. b. Aderonke took out some goods costing 500 for personal use. No payment was made for these goods C. Rent prepaid at 31 December 2020 was 1,300 d. Motor running expenses owing at 31 December 2020 was 90 e. Delivery Van 25% on the reducing balance basis f. Shop fittings 20% on the straight-line basis Required: Prepare Income statement for the year ended 31 December 2020 (35marks] Prepare the statement of financial position as at 31 December 2020 (45 marks)