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. Office equipment Purchase Return Inward Furniture and fittings Motor expenses Return Outward Carriage inward Rent received Inventory, 1 March 2017 Wages and salaries Rent Drawings Telephone bill Motor vehicles Carriage outward Bank Accounts receivable Accounts payable Commission received Rates Commission paid Sales Capital Additional information: a) b) c) RM 22,800 390,000 2,500 22,400 7,700 5,300 45,300 135,300 135,000 24,000 10,400 220,300 3,400 27,400 60,200 3,100 900 1,116,000 RM 6,200 12,000 110,430 21,100 665,500 300770 1,116,000 Inventory at 28 February 2018 RM98,000. Rates prepaid amounted to RM500. 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)