Prepare the Statement of Profit or Loss for the year ended 31st December 2019, including necessary calculations for closing inventory, provision for bad debts, and prepaid insurance.

Here are the calculations for each additional information point and the Statement of Profit or Loss.

Calculations for Additional Information:

a) Closing Inventory:
The inventory on hand on 31st December 2019 is the closing inventory.

$$\text{Closing Inventory} = \boxed{\text{₦}102,800}$$

This figure will be used in the Cost of Goods Sold calculation.

b) Provision for Bad Debts:
The trial balance shows an existing Provision for Bad Debts of ₦1,790 (Cr) and Bad Debts of ₦1,790 (Dr). The new provision required is ₦5,600.

$$\begin{align*} \text{Old Provision for Bad Debts} &= \text{₦}1,790 \\ \text{New Provision for Bad Debts} &= \text{₦}5,600 \\ \text{Increase in Provision} &= \text{New Provision} - \text{Old Provision} \\ &= \text{₦}5,600 - \text{₦}1,790 \\ &= \text{₦}3,810 \\ \text{Bad Debts Expense for the year} &= \text{Bad Debts (from TB)} + \text{Increase in Provision} \\ &= \text{₦}1,790 + \text{₦}3,810 \\ &= \boxed{\text{₦}5,600} \end{align*}$$

This ₦5,600 will be charged as an expense in the Statement of Profit or Loss.

c) Insurance Prepaid:
The trial balance shows Rent, Rates and Insurance of ₦14,700. Insurance prepaid is ₦1,200.

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