required: 1. prepare statement of comprehensive income for the year ended 31 December 2016. 2. prepare of the statement of the financial position as at 31 December 2016, including the necessary adjustments.

Note : please answer this question quickly.

1. Closing inventory was valued at UShs 189,200,000. 2. Write off UShs 1,200,000 as bad debts. 3. The allowance for doubtful debts to be maintained at 5% of trade receivables. 4. Create a provision on discount on trade receivables and reserve on trade payables of 2%. 5. Provide depreciation as follows: Furniture and fittings 5% per annum and plant and machinery 20% per annum. 6. Insurance unexpired UShs 200,000 . 7. A fire occurred on 25 December 2016 and the inventory valued at UShs 10,000,000 was full. 1. Closing inventory was valued at UShs 189,200,000. 2. Write off UShs 1,200,000 as bad debts. 3. The allowance for doubtful debts to be maintained at 5% of trade receivables. 4. Create a provision on discount on trade receivables and reserve on trade payables of 2%. 5. Provide depreciation as follows: Furniture and fittings 5% per annum and plant and machinery 20% per annum. 6. Insurance unexpired UShs 200,000 . 7. A fire occurred on 25 December 2016 and the inventory valued at UShs 10,000,000 was full