Question Two Mlanbo who does not keep proper books of account has presented the following information for the year ended 31 December 2020: Balance as at 31/12/19 31/12/20 Inventory 376,000 185,000 Cash at Bank 98,500 56,000 Office Equipment 450,000 490,000 Accounts Receivables 100,000 90,000 Accounts Payables 250,000 158,500 Cash in Hand 25,000 29,000 Motor Vehicle 740,000 755,000 You are required to calculate the profit or loss of Mlambo for the year ended 31 December 2020, after taking into consideration the following: i. Mlambo makes monthly withdrawal of cash and goods valued at N50 and N15 respectively. ii. Customer with an outstanding debt of N5,400 was declared bankrupt by a Nigerian court iii. Rent prepaid and electricity owing amounted to N16,000 and N18,500 respectively (15 marks)