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PART B [40 marks] LIST OF BALANCES I TOTALS R Inventory {31f12r'2019} 95440 Land and buildings 220 [100 Drawings 46 I590 Interest Received 5 100 Capital 21 t] [100 Trade Receivables 26 700 10% Long-Term Loan 113 [100 Fixed Deposit 25 [100 Bank (CR) 15 030 Rent received 74 110 Stationery 10 130 Trade Payables 23 840 Credit sales 31 U 000 Cash sales 73 570 Account Payable allowances 2 100 Account Receivable allowances 1 700 Purchases 141 000 Donations Expenses 4 500 Rates and taxes 3 130 Interest on Loan 3 230 Bank charges Salaries and wanes Raila e on 1 node ADDITIONAL INFORMATION: 1. Stationery on hand amounted to R 390. 2. The amount of R 2 890 for credit losses recovered were erroneously credited to Account Receivable Control. 3. The profits realized on asset disposal were omitted from the trial balance. 4. Closing inventory was R89 170. 5. Write off an amount of R1 700 as irrecoverable. 6. Create an allowance for credit losses of 10% on good trade receivables. 7. A replacement Vehicle was bought and delivered on the 21 December 2019. B. The proceeds from the disposal of asset were omitted in the bank account. YOU ARE REQUIRED TO: 1. Prepare The Statement of Profit or Loss and Other Comprehensive Income for the year ending 31 December 2-319. (16 marks) 2. Prepare The Statement of Financial Position for the year ending 31 December 2D19. (18 marks}) 3. Which principle in accounting allows the recognition of accounts receivable