Part 5: The following is the Trial balance of J. Smailes as at 31 December 2018. Draw up a set of final accounts for the year ended 31 December 2018: a) the Income statement, and b) the Balance sheet. Debit, Credit, Stock on the 1st January 2018 18 160 Sales 942740 9230 Purchases 69 185 Carriage inwards 420 Carriage outwards 1 570 Return outwards 640 Wages and salaries 10 240 Rent and rates 3015 Communication expenses 624 Interest payable 216 Insuranse 405 Sundry expenses 318 Buildings 20 000 Debtors 14 320 Creditors 8160 Fixtures 2 850 Cash at bank 2 970 Cash in hand 115 Loan (3 years) 10 000 Drawings 7620 Capital 40 888 Total 152 028 152 028 Additional information: Stock at 31 December 2018 is 22 390