QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records 1015000 Balances as at 31/12/2019 Property, plant and equipment Accumulated Depreciation inventories Receivables Pepayments-Rates Bank Cash Creditors Electricity Accrued 247254 365400 203000 8120 40600 12180 81200 5075 Balances as at 31/12/2020 inventories Receivables Pepayments-Rates Bank overdraft Cash Creditors Electricity Accrued The records show cash and bank transactions as follow: Cash Receipts Cash Payments 688170 243600 9135 314650 12180 93380 6090 Balance B/D Sales Deposit into bank 12180 304500 304500 Bank Receipts Balance B/D Accounts Receivable 5% Loan received Sale proceeds from sale of motor van Cash banked 40600 2842000 609000 166460 304500 Bank Payments Accounts Payables Rates Electricity Telephone Loan Interest Insurance Wages and Salaries Drawings Property, Plant and Equipment 2233000 182700 40600 30450 30450 20300 406000 507500 812000 14210 Sundry Expenses ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off Accumulated Depreciation of the motor van that was disposed off Discount received during the year amounted to During the year the owner gifted a pair of earings to his daughter worth 203000 38570 40600 40600 REQUIRED: 1. Prepare an Income Statement and a Statement of Financial Position for the 2020 Financial year 2. Use the information in 1. to fill the attached excel form