The following items are from the trial balance of Savana a retail trader in

Gayaza as at 31 December 2019. All figures are in thousands

Inventory 1 January 2019	130,480	-
Purchases and sales	890,407	2,247,000
Carriage inwards	26,670	-
Carriage outwards	33,075	-
Drawings	3,248	-
Sales and purchases returns	148,750	115,417
Discount received and discount allowed	8,333	12,000
Trade receivables and payables	212,000	66,667
Cleaning expenses	20,000	-
Repairs and Maintenance	15,000	-
Sundry operating expenses	254,000	-
Wages and salaries	462,800	-
Opening allowance for doubtful debts	0	12,133
Bad debts written off during the year	9,787	-
Rent paid	11,667	-
Office equipment at cost& accumulated depreciation	200,000	59,133
Proceeds from sale of office equipment	0	8,400
Office equipment additions during the year	32,000	-
Property rates paid	5,333	-
Land at cost	497,200	-
Capital	0	440,000
	2,960,750	2,960,750

Additional information

1. Closing inventory amounted to UShs. 8,353,000
2. During the year, equipment which had cost UShs 6,666,000 with accumulated depreciation of UShs5,000,000, was sold for UShs 3,000,000
3. Prepayments and accruals:

	Prepayments UShs000	Accruals Ushs000
Carriage inwards	1,660
Carriage outwards		1160
Wages and salaries		1,000
Sundry operating expenses	1,800	7,360
Rates for property		2,300

4. Further bad debts totaling Ushs 1million are to be written off and the closing allowance for doubtful debts is to be equal to 5% of the final trade receivable figure.
5. Office equipment is depreciated at 15% per annum on straight- line basis, with a full years charge in the year of acquisition and none in the year of sale.

Required:

Prepare Savanas statement of profit or loss and other comprehensive income for the year ended 31 December 2019 and the statement of financial position as at that date.