From the following trial balance of Kingfire, extracted after one year of operations, prepare an income statement for the year ending 30 June 2012, together with a statement of financial position as at that date.

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Sales Purchases Salaries Motor expenses Rent and business rates Insurances - building - vehicles Motor vehicles Fixtures Cash in hand Cash at bank Drawings Long-term loan Capital Accounts receivable Accounts payable Inventory on 30 June 2012 was 3,000. m 14,525 2,325 9,300 1,250 750 1,200 10,000 17,500 500 12,000 11,725 81,075 35,800 1,250 15,000 19,275 9,750 81,075