The following trial balance was extracted from the books of Nina Chiu, a sole trader, as at 30 September 2020: Debit ($) Credit (S) Bank Capital, at 1 October 2019 Carriage inwards Carriage outwards Trade receivables and Trade payables Drawings 392,250 370,902 39,750 26,400 196,500 220,500 87,300 Electricity expenses 66,000 Furniture and fixtures, at cost 300,000 Bad debts Interest expenses Insurance expenses Bank loan, repayable in 2024 Interest received 2,220 2,250 4,200 400,000 1,500 Inventory, at 1 October 2019 132,000 Discounts allowed and Discounts received 4,000 6,000 Motor vehicles, at cost 450,000 Accumulated depreciation, at 1 October 2019 Furniture and fixtures 120,000 Motor vehicles 229,500 Allowance for doubtful debts, at 1 October 2019 4,968 Purchases and Sales Rent and rates Returns inwards and Returns outwards Wages and salaries The following additional information is available: 1. The cost of inventory at 30 September 2020 was $112,500. 2. 3. At 30 September 2020, insurance paid in advance was $1,050 and an electricity bill of $1,800 was outstanding. Allowance for doubtful debts was to be adjusted to $3,930 at 30 September 2020. 4. The depreciation policy of the business is as follows: Furniture and fixtures: 20% per annum using the straight-line method 30% per annum using the reducing balance method 1,022,220 65,000 6,000 220,000 3,016,090 1,656,000 6,720 3,016,090 Motor vehicles: Required: Prepare for Nina Chiu: (a) a Statement of Comprehensive Income for the year ended 30 September 2020; and (b) a Statement of Financial Position as at 30 September 2020. (15 marks) (20 marks)