The following analysis of the cash transactions for the year was gathered from the incomplete records of N. Carroll, a merchant: Receipts: Received from Sundry debtors Additional investment of capital 300 000 45 000 Payments: Payments to Sundry creditors General expenses Wages Drawings 185 000 50 000 77 500 95 000 1 Jan. 31 Dec. Balances: Bank overdraft Debtors Creditors Stock Plant and machinery Furniture and fittings. 37 000 265 000 75 000 85 000 100 000 7 000 440 000 97 500 95 000 100 000 7 000 Additional information: Provision must be made for: 1. Depreciation: 10% p.a. on plant and machinery (straight line) 5% p.a. on furniture and fittings (straight line) 2. Bad debts provision: 5% p.a. on Sundry debtors Required a) Draw up the income statement of N. Carroll for the year ended 31 December 2000 b) Prepare the balance sheet of N. Carroll at 31 December 2000