(a) Prepare the Income Statement for the year ended 30 April 2020,

(b) the Balance Sheet as of 30 April 2020. (10 marks)

Question 1 You are preparing annual accounts for Elanor, who is in business as a retailer: Elanor's trial balance at 30 April 2020 is shown below: Debit (RM) Credit (RM) Sales 1,035,908 Returns inwards 2,778 Purchases 590,330 Returns outwards 1,722 Carriage inwards 5,706 Carriage outwards 10,888 Salaries and wages 204,774 Maintenance expenses 74,594 General expenses 37,546 Insurance 3,000 Lifting equipment 96,064 Vehicles 129,000 Inventory at 1 May 2019 56,876 Accounts Receivable 131,210 Accounts Payable 67,658 Bank 45,708 Capital 254,770 Drawings 63,000 1,405,766 1,405,766 You also have the following additional information: (i) Credit purchase of goods amounted to RM35,800 from Clarke Company was not recorded. (ii) Insurance prepaid amounted to RM1,200. (iii) Closing Inventory fully counted on 30 April 2020 amounted to RM50,970. Required: Show all your working. (a) Prepare the Income Statement for the year ended 30 April 2020, and (15 marks) (b) the Balance Sheet as at 30 April 2020. (10 marks) (Total: 25 marks)