Background

Your client Make Your Trip Policies and Procedures state that the following protocols must be followed:

• Prepare the financial report using the approved internal templates provided
• All key totals must be clearly shown with relevant labels. Hint: Highlight Gross profit and Net Profit
• Financial reports are to be completed in line with Accounting standards

Make Your Trip Trial Balance as at 30 June 2020
Account Name	DR $	CR$
Sales		300,000
Capital		21,000
Inventory	9000
C.O.G.S.	125,000
Advertising	23000
Salaries - Sales	24000
Salaries - Office	35000
Telephone	2000
Accounts Receivables	78700
Accounts Payables		23400
GST Collected		42,000
GST Paid	32,000
Stationery	500
Electricity	12000
Bad Debts	400
Bank Charges	100
Rent	8700
Commission Exp	3600
Bank	18,000
Drawings	14,400
Accrued Expenses		2000
Prepaid Expenses	2000
	388400	388400

Complete the following

Using the Trial Balance provided below by Make Your Trip, you are required to prepare for the year ending 30 June 2020: a) An Income Statement, b) A balance Sheet