The following balances have been taken from the ledger account of Cristiano and Sons on December 31, 2018, the close of their financial year. Debit Balances Credit Balances Cash 3,000 Sales 68.000 Ale Receivable 10.000 Purchase Discount 1.000 Inventory (1.1.2018) 8.000 Commission Income 3.000 Prepaid Shop Rent 5.000 Accounts Payable 6.000 Equipment 30,000 Capital 30.000 Purchases 24.000 Carriage-in 500 Advertising Expenses 2.300 Misc. Expenses 1.500 Office Supplies Expenses 2.000 Delivery Expenses 500 Salaries Expenses 18.000 Sales Return 300 Allowance for Bad Debts 500 Total 108,000 Total 108.000 Data for Adjustments a) Prepaid Shop rent was Rs 1,000. b) Office supplies unused Rs. 400. c) Allowance for Bad Debts was estimated at Rs. 2.000 d) Salaries outstanding Rs. 5.000. e) Allowance for depreciation was estimated at Rs. 2,000. f) Commission unearned Rs 1.000. 8) Inventory was valued on 31.12.2018 at Rs. 10,000 Required: Prepare Income statement and balance sheet for the financial year of 2018