The following Trial Balance was extracted from the books of Timotei on 31st August 2022. Debit (Rs) Credit (Rs) Capital as at 1st September 2021 32,000 Irrecoverable debts 5,000 Freehold Land at cost 32,000 Fixtures at cost 6,000 Accumulated Depreciation of fixtures 3,600 Motor vehicles at cost 11,200 Accumulated Depreciation of Motor vehicle 5,600 Revenue 124,000 Inventory at 1 September 2021 16,000 Purchases 60,000 Carriage inwards 26,000 Insurance Wages General Expenses Trade Receivables 800 13,600 5,300 12,000 Trade Payables Cash and Cash equivalent 12% Loan Interest on loan 9,600 4,440 16,000 960 Allowance for receivable (Provision for doubtful debts) 2,500 193,300 193,300 Additional Information: 1. Depreciation is provided as follows; a. Fixtures 10% per annum on cost b. Motor Vehicles 20% per annum reducing balance method. 2. Wages of Rs 1,200 were accrued and insurance of Rs 120 had been prepaid at the year end. 3. Closing inventory is valued at Rs 18,000. 4. Interest on loan is still due. 5. Timotei took goods for his own use which was valued at Rs 2,000. 6. An allowance for receivables (provision for doubtful debts) of 5% is still maintained. Page 2 of 7