QUESTION ONE The trial balance of Romeo enterprises a sole trader based in Monze at 31 December 2020 is as follows: CI Capital account Opening Inventory Sales Purchases Rates Drawings Electricity Shop Shop accumulated depreciation Receivables (Debtors) Allowance for receivables Payables (Creditors) Cash at Bank Cash in hand Sundry expenses Wages and Salaries Dr K K 7,802 2,700 21,417 9,856 1,490 4,206 379 7,605 500 2,742 300 3,617 1,212 66 2.100 3,704 34.848 34.848 In addition, Romeo provides the following information: (a) Closing inventory has been valued at K3,060 (6) Rates includes a payment of K1, 260 on made on 10.04.2020 in respect of the year to 31.03.2021 (c) An electricity bill amounting to K132 in respect of the quarter to 28.02.2021 was paid on 07.03.2021 (d) The deprecation charge for the year is K190. (e) Irrecoverable debts of K200 are to be written off and an allowance equal to 5% of the remaining receivables is required. Required: a) Prepare a Statement of profit and loss for the year ended 31st December 2020 and a statement of financial position at that date, using an extended trial balance worksheet