You are provided with the following information which was extracted from the books of Sett Blutter on 30 November 2020 :- Account Debit Credit 387,217 200,000 100,000 60,000 20,000 48,000 12,000 500,000 38,567 Capital Bank Loan Drawings Fixtures and fittings at cost Fixtures and fittings - accumulated depreciation Cars at cost Cars - accumulated depreciation Building at cost Trade payables Purchases Wages Rates Insurance Light and heat Car running costs Opening inventory Stationery and postage Telephone Bank charges Entertaining Advertising Repairs and maintenance Miscellaneous expenses Trade receivables Cash at bank Petty cash Rent received Sales Bad debts 216,548 58,632 8,421 4,452 6,541 4,423 15,648 1,658 7,852 856 4,652 6,114 1,185 965 48,654 12,435 750 16,000 441,584 7,582 1,115,368 1,115,368 In addition you are provided with the following information :- 1. Rent received relating to the quarter ended 28 February 2021 2. Further bad debts to be written off 3,000 3,654 Continued 3. Provision for Doubtful Debts to be established 5% 4. Accruals: Telephone 2,354 3,112 Electricity 5. Included in the insurance costs is a premium for third party cover which runs from June 1 2020 to May 31 2021 the annual charge for which is - 2,000 6. The interest on the bank loan has not been charged and the rate for the year is : 12% 7. Depreciation is to be charged as follows: Cars Straight line Fixtures and fittings Reducing balance 40% 8. Closing inventory amounts to : 18,654 25% Using all of the above information you are required to prepare in good order, an income statement together with a balance sheet for the year to 30 November 2020