Question 2 The following trial balance was extracted from the books of Peter's Consulting Firm as at 30 September 2020 Debit (5) Credit (5) Motor vehicles 200,000 Inventory as at 1/10/2019 26,180 Receivables 61,730 Payables 57.160 Cash at bank 11.985 Revenue 569,690 Purchases 317.450 Purchases Returns & Allowances 17.965 Sales Retums & Allowances 22,980 Rental costs on office space 41.480 Bank loan 150,000 Interest charged by supplier 1.780 Carriage expense 6,000 Discount expense 2.540 Discount income 2,070 Advertising and media costs 3,150 Light and heat 6,520 Bank overdran 2,000 Telephone and internet charges 2500 Insurance 18.000 Rates and water charges 7.950 Wages and salaries 103,740 Staff welfare 13,150 Interest on loan 3,050 Drawings 11.720 Capital, Peter 63,020 861,905 861,905 Page 7 The following information, which has not been accounted for above, is also available: (1) The closing inventory valued at $20,500. (ii) During the year to 30 September 2020, Peter took the following for personal use: $300 in purchases items per month $150 from cash at bank per month. (iii) Included in the insurance costs above is $15,000 for building insurance which covers the period from 1 October 2019 to 31 December 2020. (iv) Telephone and internet charges are fixed at $320 per month. The amount included in the trial balance above does not include telephone and internet charges for July to September 2020 (v) 60% of carriage expense relates to carriage inwards and the remainder relates to carriage outwards. You are required to prepare: (a) the Statement of Comprehensive Income for the year ended 30 September 2020. (b) the Statement of Financial Position as at 30 September 2020. (Total: 9+6= 15 marks)