2. Ben runs a boutique by himself. On 31 March 2013, his trial balance is as shown: Dr $ Cr $ 110,000 17,000 8,020 180,000 30,000 40,000 12,000 8,500 500 Capital account Drawing account Account Payable Building at cost Machinery at cost Provision for depreciation b/d Building Machinery Account Receivable Rental Income Stock Sales Purchases Licence and Insurance Repairs Heat and light Telephone and stationery Salaries Loan Interest Loan Bank Sundry expenses 10,250 128,000 64,840 4,850 1,300 800 420 18,000 2,250 I 45,000 4,230 1,080 333.520 333.520 Additional information: 1) Closing stock was valued at $10,000. 2) Fixed assets were depreciated using the straight line method. Building was depreciated at the rate of 4% per annum and machinery at 20%. 3) The loan interest of $2,250 was for the half year ended 30 September 2012 4) A bill amounting to $700 for repair work done on 8 March 2013 was received on 6 April 2013. No entry had been made for this expense. 5) Prepaid insurance $500. 6) Heat and light expenses outstanding at 31 March 2013 totalled $200. REQUIRED Prepare for Ben the following: (a) Income Statement for the year ended 31 March 2013. (b) Balance Sheet as at 31 March 2013