The following balances were extracted from the books of Walling Enterprises as at October 31, 2019:

Additional Information:

(i) Inventory at October 31, 2019 was valued at N198,712,000
(ii) Rent prepaid at October 31, 2019 amounted to N3,200,000
(iii) Depreciation is to be provided on the motorcycle at the rate of 20% on cost per annum
(iv) Accrued salary at October 31, 2019 amounted to N6,024,000
(v) Commission received in advance is N800,000
(vi) Additional amount of irrecoverable debts of N2,840,000 is to be written off
(vii) Bank interest of N100,000 has fallen due but is yet to be received
(viii) Allowances for receivables are to be adjusted to 5% of accounts receivables
(ix) Goods taken by the owner for own use and cheque withdrawals amounting to N1,600,000 and N2,400,000 respectively are yet to be recorded.

Required:

Using the extended trial balance, prepare:
a. Statement of profit or loss of Walling Enterprises for the year ended October 31, 2019.
b. Statement of financial position of Walling Enterprises as at October 31, 2019.