Make a basic income statement and a balance sheet for the Year Ending 31st March 2022 based on a trial balance attached to 'appendix A'. Make sure it meets relevant accounting principles, conventions, and standards. Show appropriate adjustments, such as accruals, prepayments, bad debts, and depreciation to the income statement

Appendix A - Trial Balance Village-Wide Catering Company Trial Balance For the Year ending 31st March 2022 Debit Credit Owner's capital 100,000 Sales Revenue 179,200 Opening stock 20,500 Purchases 82,000 Rent and Rates 14,400 Wages & Salaries 65,200 Utility Bills 8,000 Machinery & bequipments 80,000 Van 12,000 Interest on Bank Loan 500 Bank loan 45,000 Trade creditors 13,700 Debtors 16,900 Provision for doubtful debts 8,500 Cash in hand & Bank 27,200 Insurance premium 2,200 Petrol & Reapirs 500 337900 337900 End of the year adjustment entries: 1.Closing stock, f12,500 2. Depreciate manchinery & equipment by 20% using stratightline Method 3. Write off 20% Bad debts 4. Depreciate Van by 25% 5. Rent & Rates includes f1,000 paid in advance 6. Utility used, but bill amounting to f500 not paid yet. Requirements: Prepare Income statement Statement of Financial Position (Balance Sheet)