$\backslash$table$[[$Rent expenses $(70\%$ store and $30\%$ office,$24,000,],[$Store supply expenses,$5,750,],[$Advertising expenses,$1,400,],[$Retained earnings $01\mathrm{.}01\mathrm{.}2020,,171,350],[$TOTAL$,410,950,410,950]]$

The additional information is relevant to the company:

$1-$ Inventory on $31$ December was valued at $70,100.$

$2-$ A corporation tax of $17\%$ has not been provided for in the financial year. Required:

Prepare profit and loss account for the year ended $31$ December $2020.(15$ marks$)2.$ Prepare the statement of financial position as at $3$ December $2020.(15$ marks$)$

HTMLEditon

B $I{A}_{*}{A}_{-}{I}_x$

$()$