640 Part 5: The following is the Trial balance of J. Smailes as at 31 December 2018. Draw up a set of final accounts for the year ended 31 December 2018: a) the Income statement, and b) the Balance sheet. Debit, Credit, Stock on the 1st January 2018 18 160 Sales 93 340 Purchases 69 185 Carriage inwards 420 Carriage outwards 1 570 Return outwards Wages and salaries 10 240 Rent and rates 3 015 Communication expenses 624 Interest payable 216 Insuranse 405 Sundry expenses :: 318 Buildings 20 000 Debtors 14 320 Creditors 8160 Fixtures 2 850 Cash at bank 2 970 Cash in hand 115 Loan (3 years) 10 000 Drawings 7620 Capital 40 888 Total 152 028 152 028 Additional information: Stock at 31 December 2018 is 22 390