The Trial Balance of Buyout Traders at September 30, 2022 was prepared by the accountant who provided the closing stock as shown below.

Prepare the following for Buyout Traders (Use correct headings)

1. Statement of Profit or Loss (15 marks)

2. Statement of Financial position (15 marks)

Trial Balance As At September 30, 2022 DR. CR Sales 112500 Returned Inwards 2250 Returned outwards 375 Opening Stock 7500 Purchases 52500 Commission Received Discount Received 3000 Wages and salaries 16500 Rent 17250 Drawings 7500 Insurance 1500 Capital 37500 Premises 15000 Travelling 1500 Machinery and equipment 15000 Debtors 11250 Creditors 8250 Bank 4125 Cash 3000 Carriage inwards 750 General expenses 1631257500 16312 Closing Inventory $9,000