Zolemac Ltd Trial Balance as at 31.12.13 Dr. (E) Cr. (E) Bank balance Cash Land Motor vehicles Furniture Accumulated Depreciation till 31.12.2012- 26,800 400 2,300,000 500,000 170,000 -Motor vehicles -Furniture 375,000 102,000 2,600,000 Sales Purchases Inventory as at 1.1.13 General and administrative expenses (paid) Selling and distribution expenses (paid) Long term loans Interest expense Profit on sale of motor vehicle Debtors Creditors Capital Allowance for doubtful debts opening balance 1,120,000 64,000 460,000 486,000 100,000 3,000 2,000 132,000 116,000 1,910,600 3,000 Additional information at 31 December 2013: General and administrative expenses prepaid amounted to E 8,000 Inventory as at 31.12.2012 amounted to E 204,000 Selling and distribution expenses accrued amounted to 23,000 Allowance for doubtful debtors to be maintained at 2% of debtors Depreciation to be provided at 20% on cost for motor vehicles and furniture. A. Prepare statement of financial position of Zolemac Ltd. As at 31 December 2013 and statement of Income for the year then ended (20 marks)