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PREPARATION OF FINANCIAL STATEMENTS Marwa is selling homemade chocolates. The following trial balance was extracted from the books of, at the end of her financial year 31 March 2018 Trial balance as at 31 March 2018 YT Particulars Debit Credit S S Capital 999 Debtors 6.000 Creditors 4.000 Provision for Doubtful Debts 100 Drawings 22222 Cash in hand 100 Bank 4.630 Sales Purchases Opening stock 6.400 Sales returns 1.000 Carriage inwards 400 Discount Allowed and Discount Received 380 250 Premises 177.000 Fixtures and fittings (at cost) 30,000 Provision for depreciation on fixtures 6.000 Rates 4.400 Insurance 1.2001 Wages and salaries 22.000 TOTAL ??? 22 In preparing the year-end accounts, the following should be accounted for: 1. The closing stock was valued at $ 2. Wages and salaries due but not paid amount to $ 3. There is a prepayment on rates amounting to $ 4. Create a provision of 2% on debtors. 5. Depreciation on fixtures is to be provided at the rate of % per annum on cost You are required to: (a) Prepare Marwa's Statement of Profit or Loss for the year ended 31 March 2018. (2.5 marks) (b) Draft Marwa's Statement of Financial Position as at 31 March 2018. (2.5 marks)