The trial balance of ICT Enterprise a sole trader at the end of 31st December 2013 is given below:

Capital----------------Cr $300,000

Motor vehicles at cost -----------------------Dr $70,000

Office Equipments at cost---------------Dr $90,000

Plant at cost--------------------Dr $130,000

Return outwards-------------Cr $20,000

discount allowed ----------------Dr $7,000

inventory at start ----------------Dr $90,000

Purchases and sales----------------------------Dr $ 250,000 -----------Cr $520,000

Return Inwards---------------------Dr $12,000

Administrative expenses--------------------------------Dr $26,000

Discount Received--------------Cr $12,000

Investment income received---------------Cr $30,000

Receivables and Payables-------------------Dr $160,000 ----------- Cr $70,000

Selling expenses-------------------------Dr $15,000

Other expenses- Rent of premises-------------------------Dr$17,000

Discount allowed------------------------Dr $7,000

Drawings-----------------------------------Dr $15,000

Balance at Bank--------------------------Dr $11,000

10% Bank loan ------------------------------CR $40,000

Bad Debts written off---------------------------------------Dr $16,000

Interest on bank loan------------------------------------Dr $3,000

Cash on hand----------------------------Dr $80,000

Totals------- Dr $992,000 --------------- Cr $992,000

Additional Information: As at 31st December 2013

a) The prepaid rent for the premises was at $5,000

b) A sum of $2,000 is still due to be paid for administrative expenses.

c) The bank loan interest accrued was $1000

d) Depreciation 10% for motor vehicle and plants per annum on the straight line basis

e) Provision or allowance for doubtful debt should be 5% on receivables

f) The inventory as at 31th December 2013 was valued at $120,000

G) The owner withdrew $25,000 cash for personal use. This has not been recorded.

You are required to prepare;

(i). Income statement for ICT Ent. for the year ended 31st December, 2013

(ii) Statement of financial position as at 31st December, 2013.

Please help me arrange the answer in the format which is well known, when solving this kind of question. Thank you.