There are four (4) calculation and reporting questions. Write your answers in the answer sheet clearly. Each correct answer carries 20 marks. Question 1 The following are the unadjusted ledger balances of Blizten Limited for the year ended 31 March 2021: $ Ordinary Share Capital 120,000 Sales 344,000 Trade payables 19,000 Purchases returns 1,800 Purchases 110,500 Sales returns 3,260 Carriage outwards 12,540 Carriage inwards 3,000 Rental expense 65,000 Insurance expense 18,000 Advertising 17,000 Salaries 67,000 Cash at Bank 27,000 Opening Inventory (1st April 2020) 26,000 Trade Receivables 28,000 Furniture and fittings at cost 75,000 Accumulated Depreciation (1st April 2020): Furniture and fittings 7,500 Equipment at cost 40,000 Additional information needed for year-end adjustments, are as follows: Insurance for April 2021 $500 Closing Inventory, at 31 March 2021 $35,000 Irrecoverable debts to be written off $300 Rental owing as at 31 March 2021 $15,000 Depreciation for the year Furniture and Fittings $7,500 Depreciation for the year - Equipment 10% on cost Required: a. Prepare an Income Statement for the year ended 31 March 2021. [10 marks] b. Prepare a Statement of Financial Position as at that date. [10 marks] [Total: 20 marks]