LooLoo is the owner of Bolster Gifts Shop. The following trial balance was extracted

from her books on $31$ December $2022.$

Additional information:

LooLoo took goods at cost$,$ $$6,000,$ from the business for her private use. No entry

was made in the books.

General expenses, $$1,500,$ were outstanding at $31$ December $2022.$

Carriage outwards, $$360,$ had been paid in advance as at $31$ December $2022.$

Amount of $$620$ from customer was irrecoverable and the amount is to be written

off.

$$10,600$ due from Mary, a trade receivable, is likely to be uncollectable.

Commission income of $$460$ was not received yet.

Depreciation policy:

Motor vehicles: $10\%$ per annum on net book value

Fixtures and fittings: $15\%$ per annum on cost

REQUIRED

$($a$)$ Prepare the income statement for the year ended $31$ December $2022.(25\%)$

$($b$)$ Prepare the balance sheet as at $31$ December $2022.(34\%)$

$($Total scores $=59\%.$ Learning Outcome L$04.)$