Q2. The following information was taken from Cocokids Company's record for the year ended 30 September 2020. RM RM Capital 457,000 Opening inventory: Raw materials 21,000 Work in progress 14,000 Finished goods 23,000 Freehold Premises 410,000 Plant and Machinery 80,000 Accumulated Depreciation - Plant and Machinery 8,000 Cash at Bank 11,000 Trade receivables 20,000 Trade payables 37,000 Sales 482,000 Purchase of raw materials 258,000 Carriage inwards (raw materials) 7,000 Carriage outwards 4,000 Factory Wages 59,000 Repairs to plant and Machinery 9,000 Administration Salaries 17,000 Rent and Business Rates 21,000 General Office Expenses 9.000 Water and electricity 21,000 984.000 984.000 Additional information: i) Closing inventory Raw materials Work-in-progress Finished goods RM 25,000 11,000 26,000 ii) RM4,000 is outstanding for water and electricity and RM5,000 is paid in advance for rent and rates. iii) 80% of water and electricity and 75% of rent and rates to be charged to manufacturing. iv) Company decided the following depreciation expenses on non-current assets Plant and Machinery: 10% per annum using the reducing balance method. Freehold Premises is not to be depreciated. v) The allowance for doubtful debts should be created at 5%. Required: a. Prepare the Manufacturing Account for the year ended 30 September 2020. (13m) b. Prepare the Income Statement for the year ended 30 September 2020. (10m)