Question 1 The following Trial Balance was extracted from the books of Amadi Enterprise, a second-hand bags dealer as at 31" December, 2020 DR CR GHE GHE Inventory 180,000 Vehicle (Cost) 225,000 Trade Receivables 120,000 Accumulated Depreciation Vehicle 45.000 Trade Payables 150,000 Drawings 180,000 General Expenses Allowance for receivables 3.750 Rate & Rent Insurance 7,500 Bad Debt 10.500 Discount Received 37,725 Discount Allowed 22,740 Bank & Cash 247,860 Wages & Salaries 375,000 Sundry Expenses Vehicle Running Expenses 23,475 Furniture & Fittings 15,900 Repairs to the shop Returns 5,180 18,695 Purchases 970,000 Sales 1,600,000 Capital 731,280 2.601.620 The following additional information are provided: i. Allowance for receivables should be adjusted to 5% of trade receivables. Rate and Rent has been paid in advance by two (2) months. Note that Amadi Enterprise pays GHe2,000 each month. Inventory as at 31 December, 2020 GH80,150. A bill of GH6,150 for vehicle running was outstanding as at 31 December, 2020. The Enterprise provide depreciation as following. Vehicles 20% per annum on straight line bases. Furniture and Fittings 20% per annum on reducing balance basis. You are required to: i. Prepare Income statement for the year ending 31st December 2020. . Prepare Statement of Financial Position as at 31st December 2020. Furniture & Fittings