The following Trial Balance was extracted from the books of Pop Book Store on 31 December 2020:

	Dr	Cr
	RM	RM
Capital		30,000
Carriage inwards	3,320
Purchases and sales	143,500	260,200
Office equipment	20,000
Motor vehicle	17,000
Wages and salaries	62,500
Lighting and heating	8,500
Rent and rates	6,700
Vehicle running costs	4,000
Telephone expenses	11,000
General office expenses	6,180
Trade receivable	30,000
Trade payable		28,570
Provision for depreciation :
Motor vehicle		6,800
Office equipment		10,000
Drawings	10,000
Bank	6,070
Cash	300
Inventory (1 January 2020)	8000
Returns Inwards and Outwards	1,500	3,000
	338,570	338,570

Closing inventory on 31 December 2020 was RM10,000.

Required:

Prepare an Income Statement and Balance Sheet for the year ended 31 December 2020.