XYZ Manufacturing Ltd had the following transactions during the financial year ended 31 March 2024:

Started business with cash investment by the owner of $200,000.

Purchased machinery for $50,000 on credit.

Bought inventory worth $30,000 in cash.

Sold goods for $40,000 on credit; the cost of goods sold was $25,000.

Paid salaries amounting to $10,000.

Received $20,000 from debtors.

Paid $5,000 for utilities and rent.

Depreciation on machinery was $5,000 for the year.

Owner withdrew $2,000 for personal use.

Required: a. Prepare the necessary journal entries for the above transactions. b. Post the journal entries to the respective ledger accounts. c. Prepare a trial balance as of 31 March 2024. d. Draft the Income Statement and Balance Sheet as of 31 March 2024.