Question 2 The following trial balance was extracted from the books of J Shilongo at the close of business on 28 February 2020. Cr N$ 157,165 Purchases and sales Cash at bank Cash in hand Capital account 1 March 2019 Drawings Office furniture Rent Wages and salaries Discounts Accounts receivables Accounts payables Inventory 1 March 2019 Allowance for credit losses 1 March 2019 Motor vehicle Motor running costs Allowance for credit loss Dr N$ 92,800 4,100 324 11,400 17,100 2,900 3,400 31,400 820 160 12,316 5,245 4,120 405 3,750 615 730 174,375 174,375 Notes: (a) Inventory 28 February 2020 N$2,400. (b) Wages and salaries accrued at 28 February 2020 N$340. (c) Rent prepaid at 28 February 2020 N$230. (d) Van running costs owing at 28 February 2020 N$72. (e) Increase allowance for credit losses by N$91. (f) Provide for depreciation as follows: Office furniture N$380; Motor vehicle N$1 250. Required: a) Draw up a statement of profit and loss account for the year ending 28 February 2020 [20 marks] b) Draw up a statement of financial position as at 28 February 2020. [20 marks] Total 50 Marks