Question 1 The following trial balance had ben been extracted from the book of Shen You for the year ended 31 October 2021. RM RM 435,000 325,000 Accounts receivable and payables Bank overdraft 18,200 Inventory at 1 November 2020 85,000 Sales 1,025,400 Purchases 673,000 Returns inwards and outwards 5,400 13,000 Carriage 9,600 Salaries and wages 220,000 Rent 33,800 Commission received 18.700 Bad debts 4,680 Plant and machinery 600,000 Motor vehicles 300,000 120,000 Accumulated depreciation: Plant and machinery Motor vehicles 57,000 Allowance for doubtful debts 2,700 Cash in hand 3.100 Capital 849.580 Drawings 60,000 2,429,580 2,429,580 Additional notes: : Inventory at the cost of business has been valued at RM126,000 at market price. No records for RM2,000 of goods withdrawn for personal use. RM4,100 of carriage represents carriage inwards on purchases The allowance for doubtful debts is to be adjusted to 5% of accounts receivable. Salaries in arrears RM10,000. The amount shown for rent on the trial balance includes a rent paid of RM4,200, which represents the annual rent to 28 February 2022. Depreciation is written off non-current assets as follows: Plant and machinery at 10% per annum on cost Motor vehicle at 20% per annum on reducing balance basis Required: . Prepare the income statement for Shen You for the year ended 31 October 2021 (15 marks) a. Prepare a balance sheet for Shen You as at 31 October 2021 (10 marks) (Total 25 marks)