Preparation of Basic Financial Statement Wise Penny Enterprise drew up the following trial balance as at 30 September 2020. You are to draft the Income Statement for the year ending 30 September 2020 and a Balance Sheet as at that date. Capital Drawings Bank Cash in hand Accounts receivable Account payable Inventory 30 September 2019 Van Office Equipment Sales Purchases Returns inwards Cariage inwards Return outwards Carriage outwards Motor expenses Utilities expenses Fuel expenses Rent Telephone charges Wages and salaries Insurance Office expenses Miscellaneuos expenses Sundry expenses Marketing expenses Selling and distribution expenses RM RM 49,675 28,600 4,420 112 38,100 26,300 72,410 5,650 7,470 391,400 254,810 2,110 760 1,240 2,850 1,490 1,200 1,000 6,000 680 39,600 745 150 100 116 92 150 468,615 468,615 Inventory at 30 September 2020 was RM89, 404