The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor as at 31 December 2019.

Trial Balance as at 31 December 2019 DR CR

GH GH

Building, at cost 650,000

Office equipment at cost 135,000

Plant and Machinery 263,500

Purchases 248,000

Sales 500,000

Inventory 1 January 2019 27,500

Discount allowed 4,800

Returns inwards 3,200

Wages and Salaries 64,885

Rent 5,580

Insurance 6,000

Trade receivables 145,000

Trade payables 132,750

Bank overdraft 58,956

Cash in hand 5,400

Long term loan 350,000

Capital 1 January 2018 ________ 517,159

1,558,865 1,558,865

The following additional information as at 31 December 2019 is available: Inventory as at December 2019 was valued at GH24,000.

Required: 1.Prepare william Enterprises Income Statement (Profit or loss account) for the year ended 31 December 2019. 2. Prepare Statement financial position as at that date