Question 1075 marks) The following trial balance was extracted from the books of Tab Company as at 31 December 2019 Debit Credit Owner's capital at January 2019 2.559.000 Drawings 41 900 Office equipment -cost 3,300,000 Motor vans-cost 1,100,000 Accumulated depreciation at January 2019 - Office equipment 939.400 - Motor vans 260.000 Trade receivables SO2000 Trade payables 931,000 Inventory. at January 2019 53.100 3.200 Bank 700.000 Allowance for doubtful debts, at 1 January 2019 11.800 Sales 6,499,400 Purchases 3.776.500 Discounts allowed 33.000 Carriage 18.200 Discounts received 10,400 Returns inwards 44000 Returns outwards 19.800 Rent and rates 500,000 Salaries 490,100 Repairs 13.900 Electricity as and water 83.900 Distribution expenses 149.000 Other operating expenses 115.000 11.230,500 11 200, 500 Additional information: (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 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 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)