Question 2 You are given the following details from Saoirse's books and records for the year ended 31 December 2020 in relation to accounts receivable and payable: At 1 January 2020 Receivables debit balances 28,540 Receivables credit balances 320 Payables debit balances 770 Payables credit balances 14,730 Balance on allowance for doubtful debts 1,450 Transactions for year ended 31st December 2020: Purchases (cash) 21,800 Purchases (credit) 156,800 Sales (cash) 43,890 Sales (credit) 215,830 Returns outwards 1,740 Returns inwards 4,370 Discounts allowed 8,230 Discounts received 5,410 Cheques paid to suppliers 134,700 Bad debts written off 1,140 Interest charged to customers on overdue accounts 800 Account receivable settled by contra with account payable 1,550 Cheques received from customers 185,370 Dishonoured cheques from customers 1,520 At 31 December 2020 Receivables credit balances 390 Payables debit balances 520 The allowance for doubtful debts at 31 December 2020 is to be maintained at 5% of outstanding balances. Requirements: a) Prepare the receivables control account for the year ended 31 December 2020. (12 marks) b) Prepare the payables control account for the year ended 31 December 2020. (9 marks) c) Prepare the Statement of Financial Position extracts for receivables and payables as at 31 December 2020. (3 marks) d) How would the allowance for doubtful debts be represented in the Statement of Profit or Loss? (1 mark) (Total 25 Marks)