QUESTION TWO The following Trial Balance was extracted from the books of Dumsor Ltd as at 31st December, 2014. DR CR GHS GHS Stock in Trade 120,000 Vehicle (Cost) 150,000 Trade Receivables 80,000 Accumulated Depreciation: Vehicle 30,000 Furniture & Fittings 10,120 Trade Payables 100,000 Drawings 120,000 General Expenses 65,000 Provision for doubtful debt 2,500 Rate & Rent 14,000 Insurance 5,000 Bad Debt Discount Received Discount Allowed Bank Balance Wages & Salaries Sundry Expenses Vehicle Running Expenses Furniture & Fittings Repairs to the shop Purchases Sales Capital 7,000 25,150 15,160 165,240 250,000 6,150 15,650 50,600 6,500 650,120 1,079,130 473,520 1,720,420 1,720,420 Total The following additional information are provided: i. Provision for doubtful debts is to be reduced by 10%. 11. Rate and Rent has been paid in advance by two (2) months. Note that Dumsorpays GH1,000 each month. iii. Stock in trade as at 31st December, 2014 GH80,150. iv. A bill of GH6,150 for vehicle running was outstanding as at 31st December, 2014. v. The Enterprise provide depreciation as following. Vehicle 20% per annum on straight line bases. Furniture and Fittings 20% per annum on straight line basis. REQUIRED You are required to in accordance with International Accounting Standard: i. Income statement for the year ending 31st December 2014. ii. Statement of Financial Position as ar 31st December 2014