Creative Concepts commenced their interior design business on 1 July 2020. Detailed cash records have been kept and the following information is provided below: Creative Concepts Statement of Cash Receipts and Cash Payments for 12 months ended 30 June 2021 RECEIPTS Receipts from Customers Initial Capital 820,000 Bank Loan 50,000 200,000 PAYMENTS Rent Advertising 70,000 Wages 12,000 Insurance on Company Car 380,000 Purchase of Company Car 4,000 50,000 Personal Expenses Administration 60,000 80,000 Electricity 10,000 Purchase of Office Supplies 14,000 Interest on Loan 11,000 Additional Information An amount of $30,000 is owed from work completed on 28 June 2021. A 6 month advertising contract for $12,000 was paid for in full on 1 March 2021. Rent of premises is $5,000 per month, paid 2 months in advance. Receipts from customers include a deposit of $15,000 for work which will begin on 8 July 2021. Creative Concepts uses the company car for business purposes. It was purchased on 31 January 2020. It has an expected life of 3 years and a trade-in value of $5,000. Use Straight-Line Depreciation. Office Supplies on hand as at 30 June 2021 amounted to $5,000. The Bank Loan commenced on 1 July 2020. Interest on the loan is 6% per annum and paid on the first day of each month. The first payment was made on 1 August 2020. Required [1] Using Accrual Accounting, prepare the Income Statement for the year ending 30 June 2021. [2] Using Accrual Accounting, prepare the Balance Sheet as at 30 June 2021. [3] Explain how the Balance Sheet for a partnership may differ from the Balance Sheet for a sole trader