B & B Sellers had the following balance sheet on 30 June 2006: LIABILITIES ASSETS Capital Banes R60 000 fixed property R32 000 C Banes 40 000 Equipment at cost R15 000 Less accumulated Depreciation 6000 9000 Creditors 10 000 Investments 12 000 Expenses due (salaries) Stock at cost 39 500 Income received in advance: rent 300 Debtors 8 000 Bills receivable 2 000 Expenses prepaid (insurance) 800 Income accrued interest) 600 Bank 7 000 110 900 110 900 The owners did not keep proper double-entry records, but it is ascertained that the following events took place during the year ended 30 June 2007: Cash received: Rent received Interest received Cash sales 3 300 1 200 90 000 44 000 Payments received from debtors Cash payments: Creditors 67 000 Insurance Salaries 1 500 18 000 6 000 20 000 Other operating expenses Drawings() Barnes R12 000,C Barnes, R8 000) Investments made 23 000 Other items: 700 Discount allowed Bad debts written off 500 1 400 Discount received Balances 30 June 2007: Stock at cost Bills receivable Interest receivable Insurance prepaid 18 000 7 000 600 800 13 000 7 000 400 Creditors Debtors Salaries accrued Required Draw up an income statement for the year and balance sheet on 30 June 2007 conforming to the requirements of generally accepted accounting practice. Bear in mind that Barnes and C Barnes share profits 3:2