Q No.2 Following information are presented by Bee Company at December 31,2020 CREDIT TITLE OF ACCOUNT Cash Account receivable Short term investment DEBIT 271,800 115000 56,000 256,000 63,000 6000 6800 290,000 Plant Inventory-opening Supplies Prepaid insurance office equipment Accumulated depreciation-plant Accumulated depreciation-equipment Account payable Note payable Capital-Jamal Nasir Sales revenue Sales return and allowance Commission income Purchases Salary expense Purchases return and allowances 56000 30000 112,000 60,000 690,000 689,000 25000 36000 265,000 65000 1500 6300 Interest expense Rent expense Utilities expense Insurance expense Prepaid marketing 27000 45000 15600 36000 Drawing-Jamal Nasir 125000 TOTAL 1,674,500 1,674,500 Additional Information: Ending inventory Rs.32,500 Tax rate 10% Depreciation on fixed assets at 5% Required: a)Prepare Income Statement b)Prepare Balance Sheet