Question 1 The following balances was taken from the books of Lizzy's Luxuries Ltd at the end of his first trading year on 31 December 2020. The Inventory at 31 December 2020 was R4,500. Debit (R) Credit (R) 40,000 Sales Purchases Salaries and wages Repairs and maintenance Heating and lighting General expenses Insurance Cash in bank Cash in hand Accounts receivables Accounts payable Buildings Fixtures and Fittings Motor vehicles Capital at 1 January 2020 Drawings 18,500 5,100 1,300 900 1,200 800 2,200 1,300 4,100 3,400 30,000 10,000 8,000 52,000 12,000 95,400 95,400 a) Prepare an Income Statement for the year ended 31 December 2020 (12) b) Prepare a Balance sheet as of 31 December 2020 (18) c) Formulas in Balance sheet (4) [34]