Q1: Following is the trial balance of XYZ Company for the year ended 31st December 2020:

Account	Debit	Credit
Owners Equity		48000
Accounts Receivable	17000
Accounts Payable		20000
Notes Payable		4000
Notes Receivable	22000
Bank	38000	4000
Salary expenses	24000
Rent	9000	3000
Insurance expenses	6000
Other Income		14000
Machinery	52000
Buildings	63000
Loan		38000
Sales		194000
Purchases	44000
Sales Return	5000
Purchase Return		24000
Opening Stock	69000
Total	349000	349000

Other information is given:

1. Closing stock is $ 12000 .
2. Depreciation charges for Building is 10% and Machinery is 20%
3. Required:

Income statement as on 31.12.2020

Balance sheet as on 31.12.2020