Trial balance of FRUTY LTD as at the year ending 31/12/2020 is as follows DR CR GH GH 5% Debentures (2025-2028) 200,000 Bad Debts 3,000 Bank 40,100 Return Inwards 2,800 Carriage Outwards 7,100 Purchases 75,000 Sales 120,000 Return Outwards 6,000 Debtors 20,000 Discount Received 12,000 Long Term Investments 130,000 Electricity Company of Ghana 4,800 Discount Allowed 3,000 Electricity Expense 5,000 Retained Earnings 1/1 220,050 Motor Vehicle (Accumulated Depreciation) 138,750 Motor Vehicle (cost) 390,000 Rent Expense 3,000 Interest on Debenture 7,500 Opening stock 6,000 Provision For bad debts 1/1 1,500 Salaries 4,000 Office Equipment (Cost) 35,000 Stated Capital 32,000 Water Company of Ghana 6,000 Office Equipment (Accumulated Depreciation) 5,000 Water expenses 2,600 740,100 740,100 Additional Information 1) Depreciation is to be provided based on the undermentioned policy Motor vehicle 25% on Cost proportionate Office Equipment 10% on Cost proportionate The balance on the Motor Vehicle account is made up of 3 motor vehicles Description Acquisition date Cost GTX 4256 120,000 GRA 1717 150,000 URA 3030 120,000 390,000 1/1/2014 1/7/2019 1/7/2020 1 IA 2023 MCPCDL606 ACCOUNTING FOR MANAGERS All Office Equipment were acquired within the past 2 years 2) Interest on debenture has been partly paid. Debenture was secured 3 yrs ago 3) It was agreed that additional GH be written off as bad debts 4) A specific provision of 8,000 GH was to be made 10% general provision was to be made 5) It was realised that electricity owing of 1500 GH has not been accounted for. 6) Closing stock was determined as GH Required 1) Prepare a Trading Profit and loss account for the year ended 31/12/2020 2) Prepare a Statement of Financial Position as at 31/12/2020