The following trial balance was extracted from the books of Nina Chiu, a sole trader, as at 30 September 2020: Debit (S) Credit (S) Bank Capital, at 1 October 2019 Carriage inwards 392,250 370,902 39,750 Carriage outwards 26,400 Trade receivables and Trade payables 196,500 220,500 Drawings Electricity expenses Furniture and fixtures, at cost Bad debts Interest expenses Insurance expenses Bank loan, repayable in 2024 Interest received 87,300 66,000 300,000 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 1,022,220 1,656,000 Rent and rates 65,000 Returns inwards and Returns outwards 6,000 6,720 Wages and salaries 220,000 3,016,090 3,016,090 The following additional information is available: 1. The cost of inventory at 30 September 2020 was $112,500. 2. 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. 3. 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 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)