Question 2 Lodh Ltd. commenced business operations on 1 January 2015. The cash receipts and cash payments of the business for the first year of operations were as follows: Cash receipt Cash ents: Collections from customers $46,000 Wages cash revenue $16,000 Office supplies Rent Drawings by owner Advertisin Insurance 7,000 12,400 10,000 2,600 400 Additional information: At 31 December 2015, customers are owing $4,000 to the business for services that were provided by Lodh Ltd during 2015 At 31 December 2015, $1,000 of wages are owing to an employee for work done during 2015 At 31 December 2015, it was identified that $1,600 of supplies are on hand. At 31 December 2015, S800 of rent has been paid in advance for January 2016. Required Prepare a statement of financial performance (profit and loss statement) on an accrual basis for Lodh Ltd for the year ending 2015. Answer Question 2 below: Lodh Ltd Statement of profit or Loss For the year ending 31t Dec 2015 Cash transactions AccrualAccrual Basis Total ad nts Revenue/Ex Revenue Less Expenses Net Profit