On 30 September 2006 the following trial balance was extracted from the books of Tobins: DR 16780 15526 16800 CR 5904 7560 7028 24794 372 29768 1520 10136 948 69976 Trade Receivables and Payables Bank Balance Equipment (Cost) Equipment (Depreciation) Stock at 1 Oct 2005 Salaries Bad Debt Purchases & Sales General Expenses Rent & Rates Vehicle expenses Bank Loan (10% per annum) Carriage inwards Motor vehicles (cost) Motor Vehicles (Dep) Loan Interest Carriage outwards Sales and Purchases returns Heat & light Drawings Cash Fixture & Fittings Capital at 1 Oct 2005 12700 624 38500 13860 774 1270 1396 482 2460 7180 816 6750 72376 183150 183150 i. On 30 September 2006 the following adjustments had not been made: Stock of goods was valued at 6,928 ii. Depreciation is to be charged at a. 15% for equipment (straight-line method) b. 20% for Motor Vehicles (reducing balance method) A quarter of the heat and light is to be charged to the trading account and three-quarters to the profit and loss account There was an outstanding bill of 72 for repairs to the photocopier and stock stationary valued at 290; to be charged to the general expenses Vehicle expenses include the cost of annual vehicle licensing of 504, which was paid on 1 August 2006 iv. v. You are required to:- a) Carry out the necessary year-end adjustments b) Prepare Income Statement for the year-end 30 September 2006 and a Balance Sheet