1 The following balances was taken from the books of Lizzy's Luxuries Lt end of his first trading year on 31 December 2020. The Inventory December 2020 was R4,500. Debit (R) Credit (R) Sales 40,000 Purchases 18,500 Salaries and wages 5,100 Repairs and maintenance 1,300 Heating and lighting 900 General expenses 1,200 Insurance Cash in bank Cash in hand Accounts receivables Accounts payable Buildings 800 2,200 1,300 4,100 3,400 30,000 Fixtures and Fittings Motor vehicles Capital at 1 January 2020 Drawings 10,000 8,000 52,000 12,000 95,400 95,400 a) Prepare an Income Statement for the year ended 31 December 201 b) Prepare a Balance sheet as of 31 December 2020 c) Formulas in Balance sheet