Question 10 Jason the owner of Jason Enterprise extracted the following balances as at 31 December 2018. Particulars Debit ($) Credit ($) 2,368 200 Beginning Inventory Carriage outwards Carriage inwards Return inwards and outwards 310 248 322 Purchases 10,874 Sales 19,600 Salaries and wages 3,862 211 Advertisement Rent 304 78 164 216 166 314 1,231 Insurance Repairs of motor vehicle Office expenses Travel expenses General expenses Premises Fixtures and fittings Trade receivables and payables Fixed deposit at BIMB Cash in hand Cash at bank Drawings Capital Loan from Finance company Discount allowed and received Commission revenue 35,555 2,800 3,896 8,000 482 1.210 1,200 36,000 15,000 200 45 150 72,503 72,503 Additional information: i. ii. iii. iv. Inventory as at 31 December 2020 are valued at $2,900. Rent accrued on 31 December 2020 was $50. Commission revenue of $50 was still not received as at 31 December 2020 Depreciation for the year are to be provided as follows: Fixtures and fitting 20% on straight line method Premises 15% on straight line method Provision for doubtful debts of 3% of account receivables was created on 31 December 2020. During the year the proprietor took goods costing $350 from the business for his own use. V. vi. Prepare: a) Prepare a Statement Comprehensive Income for the year ended 31 December 2018. (10 marks) b) Prepare a statement of Financial Position as at 31 December 2018. (10 marks) (Total: 20 Marks)