Question 3 The following trial balance as at 31 December 2021 has been prepared for Tortie & Chanel Co. Debit ($) Credit (S) 90,000 450,000 Delivery vehicle Furniture and fixtures Capital Cash at bank Opening stock, 1 January 2021 760,000 52,840 211,992 Returns 5,412 Trade creditors 7,556 5,490 Trade receviables Trademark Bank loan (due in year 2030) 297,840 6,800 50,000 Interest on loan Drawings Gain on disposal of fixed assets 9,684 6,350 9,875 Sales revenue 982,640 Purchases 335,845 200 Shop rental expense Electricity expense Insurance expense 33,640 94,131 Interest on loan 9,684 6,350 Drawings Gain on disposal of fixed assets 9,875 Sales revenue 982,640 Purchases 335,845 200 Shop rental expense Electricity expense Insurance expense Office rental expense 33,640 I 94,131 33,125 Office repairs expense 21,654 Discount 45,102 22,091 1,581 2,356 Bank charges Salesmen's commission Carriage inwards Freight outwards Advertising Office salaries 154 3,456 9,871 125,619 1, 7,652 1,837,652 Additional information: Value of stock as at 31 December 2021 was $66,770. ACC0006/Term 12214 Required: Based on the Trial Balance as at 31 December 2021 above, prepare the following statements in the answer template given: (a) A properly classified Profit & Loss Statement (narrative format). (b) A properly classified Statement of Financial Position (narrative format). Please note that in the Answer Template below, both statements are already partially prepared for you. (Total: 25 marks) Tortie & Chanel Co. Profit & Loss Statement for the year ended 31 December 2021 $ $ S Less: Returns inwards -5,412 Less: Cost of Goods Sold Add: Other Operating Revenue Less: Operating Expenses Selling & Distribution Advertising Discount allowed Salesmen's commission 9.871 45,102 2.356 General & Administration Electricity expense Insurance expense Office repairs expense 33,640 94.131 21,654 Finance expenses Net Profit/Loss Tortie & Chanel Co. Statement of Financial Position as at 31 December 2021 S $ Assets Non-current Assets Fixed Assets Intangible Assets I Current Assets TOTAL ASSETS Non-Current Liability Current Liability Total Liabilities Owner's Equity TOTAL LIABILITIES & OWNER'S EQUITY