The following trial balance was extracted from the books of Sabena Khan at

$31$ January $2011.$

Capital $1$ February $2010$ Sofi

Drawings sofe

$

$

Premises at cost sofe

Equipment at valuation seep

Fixtures and fittings at cost sur

Provision for depreciation of fixtures and fittings $-$

Inventory $1$ February $2010\frac{i}{s}$

Trade recelvables

$\frac{?}{{?}_{\frac{?}{?}}}$ Bad debts

$48003000045005400$

$55686$

Bad debts recovered

Provision for doubtful debts $A$

C Carriage outwards

Revenue $\frac{1}{s}$

$7500$

$4900$

Purchases ifs

Purchases retums

Trade payables $

Bank soly

$(5)$ Administration expenses

$($C$)$ Discount allowed i$/$s

Additional Information:

$1$ Closing Inventory valued at $$10040$

$2$ The provision for doubtful debts is to be maintained at $2\%$ of trade receivables.

$3$ Equipment was valued at $$3800$ on $31$ January $2011.$ No equipment was bought or

sold during the year ended $31$ January $2011.$

$4$ Fidtures and fittings are to be depreciated by $10\%$ per annum on cost$.$

Prepare the income statement of Sabena Khan for the year ended $31$ January $2011.$