The following Trial Balance was extracted from the books of Dana Enterprise, a second-hand bags dealer as at 31st Decemb

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The following Trial Balance was extracted from the books of Dana
Enterprise, a second-hand bags dealer as at 31st
December, 2017.
DR
CR
GH¢
GH¢
Stock in Trade
120,000
Vehicle (Cost)
150,000
Trade Receivables
80,000
Accumulated Depreciation: Vehicle
30,000
Furniture & Fittings
10,120
Trade Payables
100,000
Drawings
120,000
General Expenses
65,000
Provision for doubtful debt
2,500
Rate & Rent
14,000
Insurance
5,000
Bad Debt
7,000
Discount Received
25,150
Discount Allowed
15,160
Bank Balance
165,240
Wages & Salaries
250,000
Sundry Expenses
6,150
Vehicle Running Expenses
15,650
Furniture & Fittings
50,600
Repairs to the shop
6,500
Purchases
650,120
Sales
1,079,130
Capital
473,520
1,720,420
1,720,420
The following additional information are provided:
You are required to:
1.Prepare a statement of Profit or Loss and other comprehensive
Income for the year ending 31st December 2017.
2. Prepare Statement of Financial Position as at 31st
December 2017