• The following are summaries of the cash book and bank accounts of Patsy Knight, a soleproprietor, who does not keep her books using the double entry system. Bank Summary $ $ Balance on 1 January 2022 60,000Receipts: Receivables 350,000 Cash bank 22,200 372,200432,200Payments: Trade payables 310,000 Rent 10,100 Machinery 30,400 Wages 90,200 Insurance 8,050 Customers (dishonoured cheque) 800 Loan interest 950 (450,500) Balance on December 2022 (18,300) Cash Summary $ $ Balance on 1 January 2022 10,000Receipts: Cash sales 90,700 Receivables 10,100 100,800110,800Payments: Drawings 60,600 Repairs 10,400 Electricity 5,070 Cash banked 22,200 (98,270) Balance on December 2022 12,530The following referred to 2022 $ Bad debts written off 2,040 Goods withdrawn by Patsy Knight for own use 10,200 Credit note issued by Patsy Knight 6,040 Discounts allowed by trade suppliers 4,040 Discounts allowed to trade customers 8,000 Goods returned to trade suppliers 6,900 3Further checks revealed the following during 2022:  During the financial year a trade debt of $10,200 owed by Linda Grayson was off setagainst the $20,000 owing to the same Linda Grayson a trade creditor.  In addition to the goods returned above, Jane Hutton, a cash sales customer returnedgoods during the financial year amounting to $7,000. Jane Hutton was repaid her$7,000 from the daily cash sales. This was not yet reflected in the business records.  Patsy Knight grants a credit period of 30 days to customers. The closing tradereceivables’ balance includes a debt of $8,000 from Favela Brown. The goods weresold to Favela in November 2021. Favela went to the United States of America for atwo (2) weeks’ vacation in February 2022. On December 31, 2022 Favela was still inthe USA.  Patsy Knight keeps a cash float of $10,000 for change in his retail outlet. Excess cashis deposited in the bank account and cash shortfall is taken from the bank.  The accounting fee for preparing the 2022 financial statements is estimated at $45,000. The following additional information is also available: 1 January 2022 31 December 2022 $ $ Inventories 8,300 9,400 Machinery 19,800 40,400 Rent paid in advanced - 1,000 Rent outstanding 1,050 - Trade receivables 18,100 19,200 Trade payables 15,700 14,800 Loan from bank at 10% 17,000 17,000 Loan interest owing - 750 Required: a) Prepare a statement of affair to show Patsy Knight’s capital on 1 January 2022. b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2022. e) Prepare the Income Statement for the year ended 31 December, 2022 4f) Statement of changes in owner’s equity for the year ended 31 December, 2022. g) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2022. h) Prepare a Statement of Cash Flow for the year ended 31 December, 2022