(Solved): Preparing Financial Statement - Practice 2 You have been provided with the following trial balance ...

Preparing Financial Statement - Practice 2 You have been provided with the following trial balance as at 31 December 2020 for a limited liability company called Tonson Trial Balance as at 31 December 2020 The following additional information as at 31 December 2020 is available. 1. Inventory at 31 December 2020 was valued at Rs 275,000 2. The marketing expenses include Rs 5000 which relates to January 2021. 3. Based on past experience the allowance for receivable is to be increased to \( 5 \% \) of trade receivables. 4. Depreciation on building is \( 5 \% \) on cost 5. Depreciation on motor vehicle 20\% reducing balance method. 6. Depreciation of furniture and equipment at \( 20 \% \) on cost. 7. Energy expenses is due at 31 December 2020 amounting Rs 25,000 Required Prepare an income statement for the year ended 31 December 2020 and a statement of financial position as at that date. End of document