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 S85000 Balances as at 31/12/2019 Property, plant and equipment Accumulated Depreciation inventories Receivables Pepayments-Rates Bank 142506 210600 117000 4680 23400 7020 2925 396630 140400 5265 181350 7020 53820 3510 7020 175500 175500 Creditors Electricity Accrued 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 Balance B/D Sales Cash Payments Deposit into bank Bank Receipts Balance B/D Accounts Receivable 5% Loan received Sale proceeds from sale of motor van Cash banked Bank Payments Accounts Payables Rates Electricity Telephone Loan Interest Insurance Wages and Salaries Drawings Property. Plant and Equipment Sundry Expenses ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum 23100 1638000 351000 959-60 175500 1287000 105300 23400 17550 17550 11700 234000 292500 468000 8190 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum 117000 22230 23400 23400 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 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. 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