The following trial balance as at 31 July 2020 has been prepared for Circuit Breaker Ltd. Credit (S) Debit (S) 480,000 50,000 352,000 136,848 61,297 2.135 6,764 63,797 98,452 5.000 50,000 2.350 5,798 19,645 654.134 Delivery vehicle Furniture and fixtures Capital Cash at bank Opening stock, 1 May 2019 Returns Trade creditors Trade receivables Trademark Bank loan (due in year 2028) Interest on loan Drawings Gain on disposal of fixed assets Sales revenue Purchases Shop rental expense Electricity expense Insurance expense Office rental expense Office repairs expense Discount Bank charges Salesmen's commission Carriage inwards Freight outwards Advertising Office salaries 135.789 652 231 99.131 5,436 4,751 15,317 21,975 5,550 6,564 7.851 6,489 6,212 32,462 1,168,315 1.168.315 Note: Value of stock as at 31 July 2020 was $94.458. Required: Based on the Trial Balance as at 31 July 2020 above, prepare the following statements in the excel template given: (a) A properly classified Profit & Loss Statement (narrative format). (b) A properly classified Statement of Financial Position (narrative format). Please note that in the template below, both statements are already partially prepared for you. Circuit Breaker Ltd Profit & Loss Statement for the year ended 31 July 2020 $ $ ca Sales revenue 654,134 Less: Less: Cost of Goods Sold Less: Add: Less: Add: Other Operating Revenue Less: Operating Expenses Selling & Distribution General & Administration Electricity expense Insurance expense Office repairs expense 231 99,131 4,751 Finance expenses Net Profit/Loss + Circuit Breaker Ltd Statement of Financial Position as at 31 July 2020 $ Assets Non-current Assets Fixed Assets Intangible Assets Circuit Breaker Ltd Statement of Financial Position as at 31 July 2020 ca Assets Non-current Assets Fixed Assets Intangible Assets Trademark Current Assets TOTAL ASSETS Non-Current Liability Current Liability Owner's Equity + TOTAL LIABILITIES & OWNER'S EQUITY