The following trial balance has been extracted from the ledger of I Mellor.

Additional information as at 31 March 2011:
(i) Inventory in trade was valued at £8,760.
(ii) Electricity is accrued by £67.
(iii) Wages and salaries owing were £540.
(iv) Rent has been prepaid by £119.
(v) Insurance paid in advance was £53.
Prepare a statement of comprehensive income for the year ending 31 March 2011 and a statement of financial position as at that date.

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Buildings Equipment Sales Purchases Electricity Wages and salaries Rent Inventory as at 1 April 2010 Trade receivables Trade payables Bank Insurance Office expenses Bad debts Capital Drawings 32,000 9,060 99,600 1,231 18,721 3,233 9,875 7,861 3,132 787 5,345 280 11,611 202,736 143,750 6,546 52,440 202,736