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From the following balances (and notes) write up the "Income Statement for the year ended...

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Accounting

From the following balances (and notes) write up the "Income Statement for the year ended 31st
December 2023" and "The ASSET SECTION of the Statement of Financial Position as at 31st
December 2023"
Balances as at 31st December 2023
NOTES:
Closing Inventory as 31st December 2023 is 95,000
a. Property is not depreciated
b. Machinery & Equipment is depreciated on a straight-line basis for 10 years with a scrap value
15,000
c. Vehicles are depreciated on reduced-balance method of 20%.
Advertising has been prepaid by 1,000.
Electricity has an accrual of 7,000.
One debtors has gone bankrupt owing 1,000(i.e. a Bad Debt)
Corporation tax bill is 30,000? end of year.
REQUIRED
a. Prepare the journal entries for each of the year-end adjustments (15 marks)
b. Prepare the Income Statement for the year ended December 31st,2023(15 marks)
c. Prepare the "Asset section" ONLY in the Statement of Financial Position as at December
31st,2023(9 marks)
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