Question 1 The following is the trial balance of Tea Company, a sole trader, as at 31 March 2022. Dr $ Cr Sales 110,850 Purchases Inventory, at 01 April 2021 Returns inwards 27,000 2,700 2,250 Returns outwards Carriage inwards Carriage outwards Commission received Rent received Travelling Insurance 3,750 2,400 1,050 1,800 1,650 900 1,500 Wages and salaries 22,500 Sundry expenses 6,000 Capital, at 01 April 2021 30,000 Drawings 3,750 Furniture 60,000 Equipment 10,000 Trade receivables 15,600 Trade payables 16,050 Cash at bank 12,500 Cash in hand Bank loan, repayable in 2026 2,400 6,450 170,550 170,550 Note: Inventory at 31 March 2022 were $3,750. Required: Prepare the following for Tea Company: (a) a statement of comprehensive income for the year ended 31 March 2022; and (27 marks) (b) a statement of financial position as at 31 March 2022. (33 marks) (Total 60 marks)