J. Robottom commenced business on 1 October 2017 as a beautician operating as iBeauty Salon and Services. Transactions for the month of October were as follows.

Required
a. Prepare a statement of profit or loss for iBeauty Salon and Services for the month ended 31 October 2017.
b. Prepare a balance sheet for iBeauty Salon and Services as at 31 October 2017.

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October 1 1234+ 8 15 18 22 24 27 31 Started business by contributing capital of $120000. Paid rent for month of October $12 800. Purchased beauty supplies for the year $20 000 for cash. Bought fixtures and fittings for the beauty salon (chairs, coffee tables, cabinets, massage table, fountain) on credit from Wellness Supplies $48000. Paid wages $2000 for first week's work. Banked takings from first full week of operations $3300. Paid wages $2000. Bought new light fitting for $2800 from local artist and paid cash. Banked takings from second week of operations $5000. Paid wages $3000. Withdrew $6000 cash from business for personal use. Banked takings $4700. Paid monthly electricity and gas $1680.