SECTION C: 45 MARKS Find below the transactions for BND Limited, a food processing company. You are to do the following: A. Pass Journal Entries B. Prepare Ledger Accounts 1. March 8, 2019- BND Limited commenced business with N75million, deposited in the company's bank account. 2. March 10, 2019- Purchased property for use as the factory site and office complex- N40million using a cheque.(Ignore depreciation entries) 3. March 15, 2019- Bought power token for N200,000 using Quickteller 4. March 22, 2019- Bought manufacturing equipment for N25million using a cheque(Ignore depreciation entries for the equipment). 5. April 5, 2019- Purchased raw material inventory and paid with a cheque- N4million 6. April 8, 2019- Purchased packaging on credit from Thomas and Co. Limited- N2.5million 7. April 15, 2019- Sold products for N12million to Lexy Supermarket; 50% on credit, 50% payment received via bank transfer. 8. April 22, 2019- Returned damaged packaging of N150,000 to Thomas and Co. Limited 9. May 7, 2019- Settled the outstanding obligation to Thomas and Co. Limited by cheque. 10. May 28, 2019- Paid salaries via bank transfer- N1.5million SECTION B-35 MARKS Trial Balance Debit Credit Cash 3,000,000.00 Accounts Receivable 2,200,000.00 Inventory 1,100,000.00 Prepaid Expenses 1,400,000.00 Property & Equipment (Cost less accum. Dep.) 9,000,000.00 Accounts Payable 1,800,000.00 Income Tax Payable 1,450,000.00 Accrued Expenses 600,000.00 Long Term Debt 2,500,000.00 Share Capital 6,000,000.00 Retained Eamings 900,000.00 Sales Revenue 20,000,000.00 Other Income 1,300,000.00 Purchases 8,000,000.00 Rent Expense 1.200,000.00 Salaries & Wages 3,500,000.00 General Administrative Expenses 2,100,000.00 Depreciation Expense 1,000,000.00 Interest Expense 200,000.00 Income Tax Expense 1,850,000.00 Total 34,550,000.00 34,550,000.00 You are given the trial balance of DFK Limited, drawn up as at December 31, 2020 after the completion of the first year in business. Closing inventory was valued at N800,000.00 Prepare: 1. The Income Statement of DFK Limited for the year ending December 31, 2020 2. The Statement of Financial Position for DFK Limited as at December 31, 2020