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 Plant 6800 290,000 56000 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 30000 112,000 60,000 690,000 689,000 25000 36000 Purchases 265,000 65000 1500 6300 27000 Salary expense Purchases return and allowances Interest expense Rent expense Utilities expense Insurance expense Prepaid marketing Drawing-Jamal Nasir 45000 15600 36000 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