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QUESTION 2 120 MARKS From the following trial balance of F. Rankoa, a. Prepare an Income Statement b. Prepare a Balance Sheet for the year

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QUESTION 2 120 MARKS From the following trial balance of F. Rankoa, a. Prepare an Income Statement b. Prepare a Balance Sheet for the year ended 31 December 2017. He has been in business for one year only. Trial Balance as at 31 December 2017 Dr Pula Cr Pula 210 400 735 3560 392 18385 26815 General Expenses Rent and rates Motor expenses Salaries Insurance Purchases Sales Motor vehicle Creditors Debtors Premises Bank Cash Capital Drawings 2800 5160 4090 20000 1375 25 24347 4350 56322 56322 Stock at 31 December 2017 was P4960

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