The following trial Balance was extracted from the books of Kenji Moss on $31$ December $2022$:

Trial Balance as at $31$ December $2022$

The following additional information is to be taken into account:

i$.$ Stock on $31$ December $2022$ was valued at $$12500$

ii$.$ Accrued salaries amounted to $$500.$

iii. Prepaid insurance amounted to $$125.$

iv$.$ Office Equipment is to be depreciated at $20\%$ per annum using straight$-$line method.

v$.$ Motor Van is to be depreciated at $15\%$ per annum using reducing balance method

vi$.$ Provision for doubtful debts at $5\%$ of the debtors A$/$c is to be created.

Debit $($$$)$ Credit $($$$)$

Capital $67120$

Drawings $1675$

Stock $-$ January $1,202213000$

Purchases $60000$

Purchases Returns $600$

Sales $80800$

Sales Returns $435$

Debtors $3800$

Creditors $4490$

Premises $45000$

Office Equipment $13500$

Motor Van $14200$

Bank $1655$

Salaries $6000$

Commission $2850$

Insurance $395$

Carriage inwards $240$

Carriage outwards $400$

Discount allowed $230$

Discount received $140$

Bad debt $300$

Provision for depreciation:

Office Equipment

Motor Van

$2700$

$2130$

$118730118730$

ACCT$1101$

$24/05$ The Council of Community Colleges of Jamaica Page $5$

Required to prepare the:

A$.$ Income Statement for the year ended $31$ December $2022$

B$.$ Balance Sheet as at $31$ December $2022.$