The following Trial Balance was extracted from the books of Dana Enterprise, a second-hand bags dealer as at 31^st December, 2017.

	DR	CR
	GH	GH
Stock in Trade	120,000
Vehicle (Cost)	150,000
Trade Receivables	80,000
Accumulated Depreciation: Vehicle		30,000
Furniture & Fittings		10,120
Trade Payables		100,000
Drawings	120,000
General Expenses	65,000
Provision for doubtful debt		2,500
Rate & Rent	14,000
Insurance	5,000
Bad Debt	7,000
Discount Received		25,150
Discount Allowed	15,160
Bank Balance	165,240
Wages & Salaries	250,000
Sundry Expenses	6,150
Vehicle Running Expenses	15,650
Furniture & Fittings	50,600
Repairs to the shop	6,500
Purchases	650,120
Sales		1,079,130
Capital		473,520
	1,720,420	1,720,420

The following additional information are provided:

1. Provision for doubtful debts is to be reduced by 10%.
2. Rate and Rent has been paid in advance by two (2) months. Note that Dana Enterprise pays GH1,000 each month.
3. Stock in trade as at 31st December, 2017 GH80,150.
4. A bill of GH6,150 for vehicle running was outstanding as at 31st December,
5. The Enterprise provide depreciation as
   • Vehicle 20% per annum on straight line
   • Furniture and Fittings 20% per annum on straight line

You are required to:

1.Prepare a statement of Profit or Loss and other comprehensive Income for the year ending 31st December 2017.

2. Prepare Statement of Financial Position as at 31st December 2017