QUESTION 2 Asuba Enterprises is a business run by a sole trader. The following trial balance was extracted from the accounts of the bisiness as at 31 March 2018 : Additional information: 1. Only 10 months' salaries are shown in the trial balance. An equal amount is paid for salaries for each month of the year. 2. As at 31 March 2018 , Sh.32, 000 had been prepaid for insurance, whilst Sh.4, 100 was owing for general expenses. 3. Sh.46, 0,00 had been charged to general expenses for the owner's private holiday. 4. As at 31 March 2018, inventory was valued at Sh.225, 000 . 5. A customer owing Sh.50, 400 has been declared bankrupt. This amount is to be written off in full. An allowance for receivables is to be maintained at 3% of the remaining trade receivables. 6. As at 31 March 2018, land was valued at Sh.1, 000,000. Land is not to be depreciated. 7. Depreciation is to be provided as follows: 8. There were no additions or disposals of non-current assets during the financial year. Required: a) The income statement for the year ended 31 March 2018. b) The statement of financial position as at 31 March 2018 . c) Explain the accounting concepts involved in each of the additional information notes 1,3 and 5 above