1 The following are the balances on 31 December 2017 of Mr. Ashfaq, a merchandiser selling ready made garments to his retailers. Heads of Accounts Sales revenue Dr Cr Tk. 11,00,000 Inventory 50,000 Freight out costs 10,000 Cost of goods sold 8,00,000 Sales return and allowances 50,000 Sales Discounts 20,000 Accounts Payable 200,000 Accounts Receivable 400,000 Prepaid Rent 100,000 Rent expense 80,000 Salaries and wages 200,000 Salaries and wages payable 20,000 Furnitures and fixtures 200,000 Accumulated depreciation - furnitures 50,000 Utilities expense 30,000 Bank loan repayable in 2020 500,000 Commission to agents 20,000 Drawing 50,000 Prepare the following financial statements a) Income statement for the year ended 31 December 2017 b) Equity statement for the year ended 31 December 2017