Rasamu is a retailer of computer software. The following balances were in his books on 31 December 2022. 551,150551,150 On the 31 December 2022 Rasamu inspected his books and found the following errors. 1. Purchases, K1,800, had been returned to the supplier, Global ICT. No entries for the returns had been made in the books. 2. Drawings made by Rasamu, K900, had been posted to the Wages Account. 3. The entries for the payment made by cheque for electricity, K1150, were reversed in the books. Additional information at 31 December 2022 1. Inventory K51,100 2. Wages K3,700 were accrued. 3. Advertising expenses included a K4,000 payment for a campaign running from 1 November 2022 to 31 March 2023. 4. The 5% bank loan was taken out on 1 January 2022 . Half of the loan is repayable on 1 January 2023 and half on 1 January 2024. 5. Depreciation is charged on all non-current assets owned at the end of the year as follows. - Premises at the rate of 2% per annum on cost. - Computers and equipment at the rate of 25% per annum using the reducing balance method. - Fixtures and fittings at the rate of 15% per annum using the straight line method. 6. A debt for K2,500 is considered irrecoverable. An allowance is to be maintained on all remaining debts at 4% of trade receivables. 7. Rasamu maintains a fixed capital account. All drawings and profit appropriations are made through his current account. Required (b) Prepare the: (i) Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022. (15 Marks) (ii) Statement of Financial Position at 31 December 2022