Kumar has extracted the following balances from his books of account at 31 January 2015.

Inventory at 31 January 2015 was valued at $32,650.

Required

Prepare an income statement for Kumar for the year ended 31 March 2015 and a statement of financial position at that date.

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Bank overdraft 5 640 Bank loan (repayable 2021) 9 700 Capital account 55 346 Carriage outwards 1 508 Depreciation 2 000 Discounts allowed 1216 Drawings 28 824 Inventory 1 February 2014 36 700 Motor expenses 6 143 Motor vehicles at cost 34 200 Motor vehicles - provision for depreciation 6 840 Plant and machinery at cost 52 734 Plant and machinery-provision for depreciation 12 200 Printing and stationery 5 526 Property rental (expense) 28 500 Property repairs 1112 Purchases 74 454 Returns inwards 2 060 Returns outwards 1 593 Revenue 273 582 Sundry expenses 3 319 Trade payables 7 241 Trade receivables 16 737 Wages 77 109