SECTION B - ESSAY QUESTIONS [40 MARKS] Answer two questions in this section. QUESTION 1 [20 MARKS] B Otse, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 2018. Notes i. Closing inventory 31 March 2017 P6, 500 ii. Accrued salaries and wages P5, 000 iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3,750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. (10 marks) b. Prepare a Statement of Financial Position as at 31 July 2018. (10 marks) Question 2 (20 marks) Enter the following in the relevant journals. a. 01/01/20 Sold goods to Lorato P5, 000 on credit. b. 03/01/20 Bought goods from Sechaba P3, 000 on credit. c. 05/01/20 Sold goods to Kago P4, 000 on credit. d. 07/01/20 Bought goods from Thapama P7, 000 on credit. e. 09/01/20 Kubu returned goods P500 to us. f. 11/01/20 Returned goods P700 to Thapama. g. 13/01/20 Sold goods P7,000 on credit to Boago h. 15/01/20 Bought goods P10,000 on credit to Loero i. 17/01/20 Returned P1,000 goods to Loero. j. 19/01/20 Boago returned goods to us P600