The following are summaries of the cash book and bank accounts of Patsy Knight, a sole proprietor, who does not keep her books using the double entry system. Bank Summary Balance on 1 January 2018 S S 60,000 Receipts: Receivables act 350,000 Cash bank 22,200 372,200 432,200 Payments: Trade payables 310,000 Rent 3852 10,100 Machinery 30.400 Wages 52233 90,200 Insurance 8,050 Customers (dishonoured cheque) 800 Loan interest aconse 950 (450,500) Balance on December 2018 (18.300) Cash Summary $ S Balance on 1 January 2018 10,000 Receipts: Cash sales assen 90,700 Receivables d 10,100 100,800 110,800 Payments: Drawings 60,600 Repairs 10,400 Electricity 5699 5,070 Cash banked 22,200 (98,270) Balance on December 2018 12,530 The following referred to 2018 Bad debts written off 2,040 Goods withdrawn by Patsy Knight for own use 10,200 Credit note issued by Patsy Knight 6,040 Discounts allowed by trade suppliers 4,040 Discounts allowed to trade customers Goods returned to trade suppliers 8,000 6,900 Further checks revealed the following during 2018: During the financial year a trade debt of $10,200 owed by Linda Grayson was off set against 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 returned goods 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 trade receivables' balance includes a debt of $8,000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks' vacation in February 2018. On December 31, 2018 Favela was still in the USA. Patsy Knight keeps a cash float of $10,000 for change in his retail outlet. Excess cash is deposited in the bank account and cash shortfall is taken from the bank. The accounting fee for preparing the 2018 financial statements is estimated at $45,000. income statime The following additional information is also available: 2017 1 January 2018 31 December 2018 S $ Inventories 8,300 9,400 Machinery 19.800 40.400 Rent paid in advanced 1,000 Rent outstanding 1,050 Trads de Trade receivables 18,100 19,200 Trade 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 2018. b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2018. e) Prepare the Income Statement for the year ended 31 December, 2018 f) Statement of changes in owner's equity for the year ended 31 December, 2018. g) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018. h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018