School of Business (SBC) Question 1 GIX Max Collection, a branded office equipment trading business, has extracted the following balances from its ledger on year-end 28 February 2018. RM RM Office equipment Purchase 22,800 390,000 Return Inward Furniture and fittings Motor expenses 2,500 22,400 7,700 Return Outward 6,200 Carriage inward 5,300 Rent received 12,000 Inventory, 1 March 2017 45,300 Wages and salaries 135,300 Rent 135,000 Drawings 24,000 Telephone bill 10,400 Motor vehicles Carriage outward Bank 220,300 3,400 27,400 Accounts receivable 60.200 Accounts payable 110,430 Commission received 21,100 Rates 3,100 Commission paid 900 Sales 665,500 Capital 300770 1,116,000 1,116,000 Additional information: a) Inventory at 28 February 2018 RM98,000. b) Rates prepaid amounted to RM500. c) Owner's son took out some office equipment (from business's store room) amounted to RM20,000 for personal use. Required: Prepare an income statement for the year ended 28 February 2018 and balance sheet as at that date. (Total=10 marks)