The following trial balance was extracted from the books of Nisha Company, a sole trader, at the close of business on 31st December 2018. Debit (RM) Credit (RM) Capital at 19 January 2018 805300 Cash in Hand 2300 Cash at bank 12900 Accounts Receivable/Debtors 80150 Bad Debts 500 Creditors/Payable 47200 General Expenses 32 100 Drawings 25000 Salaries 62000 Carriage Inwards 2250 Carriage Outwards 3250 Insurance 10500 Motor Expenses 18200 Sales 952000 Return Inwards 8200 Purchases 557000 Return Outwards 9600 Rent Received 10000 Interest on Loan 5500 6% Loan 100000 Discount Allowed 4800 Discount Received 2750 Motor Vehicle 160000 40000 Provision for depreciation of motor vehicle Office Equipment 76000 30500 Provision for depreciation of office equipment Premises 900000 Stock 1st January 2018 36700 1997'350 1'997350 Addition al information at 31st December 2018: i) Stock as at 31st December 2018 - RM43,650. ii) iA debt of RM 650 was considered irrecoverable. The full amount is to be treated as a bad debt in the accounts for the year ended 31st December 2018, iii) A provision for doubtful debts is to be created at 2% on the remainder of the debtors. iv) Rent Receivable is RM 12,000 per annum, to date only 10 months rent has been received. v) One month's loan interest is still due. vi) On 31st December 2018, salaries owing amounted to RM1,200, while insurance was prepaid by RM1,860. vii)Nisha received an invoice for RM 600 on 1st October 2018 for repairs to a motor vehicle. To date the invoice has not been paid. viii) Nisha had taken goods from the business costing RM7,000 for her own use. This has not been recorded in the accounts. ix) Provision for depreciation is to be provided as follows:- Motor Vehicles -25% by the reducing balance method. Equipment -10% by the straight line method Based on the information, prepare the following: (a) Income Statement for the year ended 31st December 2018 (b)Prepare Statement of Financial Position as at 31st December 2018