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QUESTION 1: 50 marks (CLO 3) The following Trial Balance was extracted from the books of Harry Davis, a sole trader on July 31, 2015, the end of his financial year : Trial Ralanna ac at liily 21 on15 Notes: (i) Stocks on July 31, 2015 was valued at $1,250,000. (ii) Rent amounting to $80,000 was outstanding on July 31,2015. (iii) On July 31, 2015 insurance amounting to $10,000 was pre-paid by Harry Davis. (iv) Discount receivable for $20,000 was not entered to the books as at July 31 , Page 4 of 4 2015. (v) The provision for bad and doubtful debts is to be adjusted to $80,000. (vi) Depreciation is to be charged as follows: Machinery 10% reducing balance; motor vehicles 20% reducing balance; furniture \& fittings 10% straight line. Required: (a) Prepare Trading and Profit and Loss Accounts for the period ending July 31, 2015. (38 marks) (b) List TWO (2) items and their net book values that would be recorded under the following headings: (i) Fixed assets (8 marks) (ii) Current assets (2 marks) (iii) Current liabilities (2 marks)