Question 3 Following is the unadjusted trial balance of Electronics Logistics Ltd as at 30 June 20X7. Debit ($) Credit (S) 600,000 82,500 Share capital Retained earnings, 30 June 20X6 Machinery at cost Motor vehicles at cost Provision for depreciation 765,000 300,000 Machinery Motor vehicles 150,000 75,000 Purchase Sales General expenses Wages and salaries expenses Rental expense Allowance for doubtful debts Accounts receivable Accounts payable Bank Inventory, 30 June 20X6 1,691,100 2,775,900 62,400 538,200 18,300 3,600 222,600 204,900 48,600 245,700 3,891,9003,891,900 You are given the following additional information, none of which has been taken into consideration in arriving at the figures shown in the trial balance above (i)Inventory at 30 June 20X7, $275,600 (ii) wages and salaries due at 30 June 20X7, $8,100 (iii) Rental paid in advance at 30 June 20X7, S3,150 (iv) The company estimated that 2% of accounts receivable will be uncollectible (v)No depreciation has been charged for the year ended 30 June 20X7. The company depreciates non-current assets held at as follows Machinery - straight line over 5 years Motor vehicles-25% per annum using the double declining balance method