QUESTION 2 The following Trial Balance was extracted from the Nominal Ledger of Turner Limited, on 31 December 2020: Buildings 313,500 Accumulated depreciation on buildings 105,900 Computers and equipment at cost 77,400 Accumulated depreciation on computers and equipment 32,450 Inventory as at 1/1/2020 37,780 Trade Receivables and Trade payables 165,790 152,860 Bank 18,450 Cash 650 Tax Liability 13,410 Purchases and sales 295,410 505,140 Returns 7,620 Discounts 6,750 3,740 Stationery and administration 3,170 Carriage outwards 11,890 Carriage inwards 3,220 Light and heat 2,010 Internet and communications 9,700 Insurance 30,150 Bank interest 475 Wages and salaries 86,150 Bad Debt Allowance for receivables 4,140 Bad debts Written off 6,740 Retained profit and loss 78,950 Share Capital 128,125 1,050,785 1,050,785 The following information has not been accounted for above: 1. The Closing Inventory as at 31 December 2020 showed 21,250 units of closing inventory. Each unit of inventory is valued at 1.30. 2. No depreciation has yet been calculated for the year 2020. Depreciation is charged as follows: Buildings 2% straight line on cost. Computers and Equipment 10% straight line on cost. You are required to prepare: (a) The Statement of Profit and Loss for the year ended 31 December 2020. (12 marks) The Statement of Financial Position as at the 31 December 2020. (13 marks) (6)