(Question one)--You work as an accountant to Wambo Holdings and the following trial balance has been extracted on 30 November 2016:

	N$Dr	N$Cr
Sales		480,000
Purchases	145,000
Rent, rates, and insurances	32,000
Returns	2,000	1,000
Carriage inwards	4,000
Advertising expenses	25,000
Energy costs	29,000
Inventory as at 01 12 15	23,000
Payroll costs	129,000
Communication expenses	43,000
Discounts allowed	2,000
Discounts received		1,000
Interest paid	2,000
Owner's drawings	26,000
Equipment at cost	70,000
Land and buildings	250,000
Depreciation (equip at 01 12 15)		25,000
Capital		250,000
Long term loan		35,000
Accounts receivable
(debtors)	32,000
Accounts payable		16,000
Bank overdraft		6,000
	840,000	840,000

Notes at 30 November 2016:

• Inventory was valued at N$25,000
• Payroll costs owing amounted to N$6,000
• Rates prepaid amounted to N$2,000
• Equipment is to be depreciated at 20% on cost TASKS

1-Prepare the Income Statement (Trading and Profit and loss account) of Wambo for the year ended 30 November 2016

2-Prepare the Position Statement (Balance Sheet) of Wambo as at 30 November 2016.