>>>>> *** BALANCE SHEET PLEASE **** QUESTION 1 The following is a list of balances from the books of Ahmad Trading, at 31 December 2019: Debit $ Credit $ 320,000 Sales Trade Debtors 51,000 Trade Creditors 61,000 Stock, 1 Jan 2019 31,000 Returns In 4.250 Returns Out 3,250 Purchases 260,000 Discounts Received 1.234 Discounts Allowed 3,456 6,600 59,789 6,543 29,000 5,800 Rent Salaries and Wages Motor Vehicle Expenses Motor Vehicles, at cost Provision for Depreciation, Motor vehicles, 1 Jan 2019 Fixtures and Fittings, at cost Provision for depreciation, Fixtures and Fittings 1 Jan 2019 Sundry Expenses Telephone Bank Overdraft 11,000 1,100 987 2,345 6,500 Cash 560 61 Petty Cash Capital Rent Receivable 67,057 650 466,591 466,591 Additional information available: (1) Stock at 31 December 2019 - $ 19,000 (2) Depreciation for the year ended 31 December 2019 has not yet been provided. Motor vehicles should have a charge of 20% per annum on cost, and Fixtures and Fittings at 10% per annum on reducing balance. (3) Sundry expenses - prepaid $100 (4) Telephone - accrual $200 (5) Rent accrued - $600 (6) Overtime, worked in December 2019, but not paid until January 2020 - $999 REQUIRED: (a) Prepare the Income Statement for Ahmad Trading for the year ended 31 December 2019. (17 marks) (6) Explain the following concepts/conventions: (1) Materiality (ii) Going concern (iii) Prudence (iv) Historical cost (v) Accruals