QUESTION The following balances were extracted from the books of ASLM as at 30 September 2023. Item $ (000) Buildings (at cost) 500 Provision for depreciation on buildings 50 Fixtures and Fittings (at cost) 640 Provision for depreciation on fixtures and fittings 256 Inventories ( 1 October 2022) 420 Returns Outwards 80 Establishment Expenses 130 Admin expenses 56 Distribution expenses 167 Bad debts written off 4 Allowance for doubtful debts (1 Oct 2022) 18 Revenue reserves (1 Oct 2022) 362 Godwill 160 Bank overdraft 25 Ordinary shares of $ 20 each fully paid 600 8% preference shares of $ 20 each fully paid 100 Share premium account 80 6% debenture 100 Payables 148 Receivables 330 Sales 4,800 Purchases 4,220 Discounts allowed 5 Discounts received 13 Additional Information: 1. Inventories as at 30 September 2023 were valued at $ 560,000 2. Depreciation is to be provided on the cost of the non-current assets held at the end of the financial year as per the following rates: Building 20% per annum Fixtures and fittings 10% per annum 3. The allowance for doubtful debts as at 30 Sept 2023 is to be 5% of the receivables 4. Receivables balance includes $ 10,000 from James who has been declared bankrupt 5. Establishment expenses prepaid at year end amounted to $ 4,000 while admin expenses accrued were $ 7,000 6. ASLM paid interest on debentures for the year ended 30 September 2023 7. The interest accrued on the debentures will be paid during the redemption on 30 Oct 2030 8. The directors have proposed payment of 8% preference shares dividend and an ordinary dividend of 10% 9. Ignore corporation tax Required: 1. Income statement for the year ended 30 September 2023 (10 Marks) 2. Statement of financial position for the year ended 30 September 2023 (10 Marks)