The following is the adjusted trial balance of Magomeni Ilala Enterprise

Ksh000

Share capital

113,600

Purchases

102,880

Sales

199,240

Sales discount and allowances

14,200

Purchase discount and allowances

6,200

Accumulated profit

15,000

Buildings at valuation

83,438

Depreciation expense

4,280

Accumulated depreciation-Furniture & fittings

(1,100)

Motor vehicles at cost

30,000

Income tax expense

4,472

Furniture and fittings at cost

26,500

Motor vehicle expenses

(7,300)

Investment in Treasury Bonds

4,000

Rent and rates

4,980

Office equipment

32,930

Accumulated depreciation-Building

(9,980)

Inventory 30th June 2022

22,400

Bank charges

400

Salaries and wages

43,080

Accumulated depreciation-office equipment

(2,000)

Share premium

30,000

Accumulated depreciation-Motor Vehicle

(8,200)

Inventory 1st July 2021

29,250

Uncollectible debts

(120)

Accruals

2,000

Revaluation reserve

5,000

Allowance for uncollectible debts

(560)

Cash and cash equivalent

4,550

Deferred tax liability

4,000

Salaries payable

1,200

Dividends paid

4,600

Insurance expense

2,000

Prepaid insurance

1,000

Accounts receivable

27,720

Accounts payable

11,040

Miscellaneous expenses

2,900

Deposits

6,000

Long-term loan

30,000

Interest income on Treasury Bonds

480

Interest expense

3,000

Required:

(i) Prepare the Statement of income of Magomeni ILala Enterprise for the period ended June 30, 2022 (ii) Prepare the Statement of changes in equity of Magomeni ILala Enterprise for the period ended June 30, 2022 (iii) Prepare the Statement of statement of financial position of Magomeni ILala Enterprise as at June 30, 2022 Total: 28 marks Note: 1. Present your figures net of any related deductions. 2. Show all your workings of the net figures 3. Do not attempt to classify the expenses by function