You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records Balances as at 31/12/2019 Property, plant and equipment 555000 Accumulated Depreciation 135198 inventories 199800 Receivables 111000 Pepayments-Rates 4440 Bank 22200 Cash 6660 Creditors 44400 Electricity Accrued 2775 Balances as at 31/12/2020 inventories 376290 Receivables 133200 Pepayments-Rates 4995 Bank overdraft 172050 Cash 6660 Creditors 51060 Electricity Accrued 3330 The records show cash and bank transactions as follow: Cash Receipts Balance B/D 6660 Sales 166500 Cash Payments Deposit into bank 166500 Bank Receipts Balance B/D 22200 Accounts Receivable 1554000 5% Loan received 333000 Sale proceeds from sale of motor van 91020 Cash banked 166500 Bank Payments Accounts Payables 1221000 Rates 99900 Electricity 22200 Telephone 16650 Loan Interest 16650 Insurance 11100 Wages and Salaries 222000 Drawings 277500 Property, Plant and Equipment 444000 Sundry Expenses 7770 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off 111000 Accumulated Depreciation of the motor van that was disposed off 21090 Discount received during the year amounted to 22200 During the year the owner gifted a pair of earings to his daughter worth 22200 1. Prepare an Income Statement and a Statement of Financial Position for the 2020 Financial year 2. Use the information in 1. to fill the attached excel form.