Question 1 Mr. Joseph has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 2019, the end of his most recent financial year. Capital 83.987 Sales 259.970 Trade creditors 19.840 Returns outwards 13.402 Discounts allowed 22306 Discounts received Purchases 135.680 Retums inwards 5.624 Carriage outwards 4.567 Drawings 18.440 Carriage inwards 11.830 Rent and insurance 25.973 Heating and lighting 11,010 Postage, stationery and telephone 2,492 Advertising 5.980 Salaries and wages 38521 Cash in hand 2.534 Cash at bank 4.440 Stock as at 1 May 2018 15.654 Dehtors 24.500 Fixtures and fittings 132.740 Acc. depreciation - Fixtures and fittings 63.120 The following additional information as at 30 April 2018 is available: (a) Stock at the close of business was valued at $17.750. (b) Insurance outstanding amounts to $1,120. (e) Heating and lighting is accrued by S1,360. (d) Rent has been prepaid by $5,435 Annual depreciation on Fixtures and fittings is 10%, and it is yet to be recorded for the current financial year Required: Prepare Mr. Joseph's income statement for the year ended 30 April 2019 and a balance sheet as we that date, [12 Mars Question 2 and 3 are on the new