SECTION B Attempt the following question The following balances were obtained from the books of Hansle Parchment for the year ending December 31, 2020 DETAILS Capital DR CR 500,000 Drawings 17,500 Loan 450,000 Commission Received Office Expenses Opening Stock Insurance Creditors 62,000 12,500 45,000 5,000 15,500 Utilities 12,500 Purchases 415,550 Debtors 60,000 Telephone Charges 18,000 Bank 28,250 Cash 12,000 Carriage Inwards 3,050 Sales 810,550 Wages and Salaries 55,000 Returns 7,200 12,000 Discounts 8,000 5,500 Land and Building 472,500 Fixtures and Fittings 180,000 Motor Vehicle 320,000 Machinery and Equipment 240,000 1,883,800 1,883,800 End Note Stock at the end of the year is $80,000 Required Prepare the Statement of Profit and Loss Accounts for the year ending December 31, 2020, as well as the Statement of Financial Position as at that date.