Ivor Innes has supplied you with the following information:

During the year to 31 March 2011, Ivor withdrew £11,400 from the business for private purposes. In November 2010, Ivor received a legacy of £18,000 which he paid into the business bank account. Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful debts. Required: Prepare a statement of financial position as at 31 March 2011 which clearly indicates the net profit or loss for the year.

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Cash Fixtures Balance at bank Inventory Accounts receivable Accounts payable 1 April 2010 840 7,600 5,500 17,800 8,360 5,200 31 March 2011 700 7,600 8,320 19,000 4,640 8,800