The following information is available for the period ended 31 May 2011:

1. Working capital as at 31 May 2011 was £11,500.

2. Drawings during the year were £3,000.

3. Depreciation of non-current assets during the year @ 10% on cost was £1,500. No new non-current assets were acquired during the period.

4. Assume that inventory and trade payables remained constant throughout the year.

5. General expenses (without depreciation) was 25% of sales.

6. The following ratios applied:

Acid test ratio was 1.25 times; Current ratio was 1.5 times; Total asset turnover was 2 times;

Inventory turnover: 5 times; Trade receivables turnover: 8 times.

Required:

Prepare the Statement of income for the year ended 31 May 2011 and a Statement of financial position as at that date.