Question 1075 marks) The following trial balance was extracted from the books of Tab Company as at 31 December 2019 Debit Credit 2.559.000 41.900 3,300,000 1.100,000 Owner's capital at January 2019 Drawings Office equipment -cost Motor vans-cost Accumulated depreciation at January 2019 - Office equipment - Motor vans Trade receivables Trade payables Inventory. at 1 January 2019 939.400 260.000 2000 931.000 58.100 3200 700.000 11.00 6,499,400 3.776.500 33.000 18.200 10,400 Rank Allowance for doubtful debts, at January 2019 Sales Purchases Discounts allowed Carriage Discounts received Returns inwards Returns outwards Rent and rates Salaries Repairs Electricity, gas and water Distribution expenses Other operating expenses 44000 19.800 500.000 490,100 13.900 83.900 149.000 115.000 11.230.800 11.210.800 (1) (2) The closing inventory at 31 December 2019 was 72.000 Carriage included $13,200 transportation charges for goods purchased from overseas suppliers. The remaining were carriage outwards (3) Depreciation was to be provided as follows - Office equipment 10% per annum using straight-line method Motor vans 20% per annum using reducing balancing method (4) Rent and rates prepaid at 31 December 2019 were 533,000 (5) Electricity, gas and water crued at 31 December 2019 were $2,000 (6) One of the company's customers was confirmed bankrupt and the amount of $50,000 owed to the company had to be written of (7) The allowance for doubtful debts at 31 December 2019 was to be increased to $24,000 Page 2 Required: Prepare for Tab Company (a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2019 and (41 marks) (b) a statement of financial position as at 31 December 2019. (34 marks)