Question 3 xtraspin Limited is a manufacturing concern Involved in the production of toys for the past 5 years. The company trial balance for the year ended 31 Dec 2018 is as follows. Dr E 000 6000 Cr E 000 5,000 Debtors Creditors Office expenses Telephone Purchases Light and heat Machine Wages Sales loan 2,000 1,300 50,000 7,400 90,000 19,400 140,000 36,100 Rent 9,000 27,000 5,200 2,440 Acc. Depreciation machine Acc. Depreciation furniture Share capital Opening inventory Bank Furniture Interest 2,440 14,200 13,000 1,000 215,740 215,740 Closing stock at the end of the year is 4,000,000 Machine is depreciated using straight line method at 10% Furniture is depreciated using straight line method. Its useful life is 5 year a) Prepare income statement of Xtraspin limited for the year ended 31 Dec 2018. (10 marks) b) Prepare balance sheet of Xtraspin Limited as at 31 Dec 2018 (10 marks) Total