The following is the statement of financial position of A. Fox at 31 July 20X8.

The only book kept by A. Fox is a cash book in which all transactions passed through the bank account are recorded. A summary of the cash book for the year ended 31 July 20X9 has been prepared as follows:

From the supporting documents it has been ascertained that:
1. The following amounts have been paid from the cash takings before they were banked:

2. Inventory at 31 July 20X9 was valued at £3,920.
3. At 31 July 20X9 there are telephone charges prepaid of £140 and electricity accrued of £290.
4. The trade receivables and trade payables outstanding at the end of the year are £5,840 and £5,720, respectively.
5. Fox has taken goods out of the business for his own use that cost £530.
6. Fixtures and fittings have been depreciated in past years at 20 per cent per annum by the reducing balance method.

Required
Prepare a statement of profit or loss for the year ended 31 July 20X9 and a statement of financial position at that date.

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Statement of financial position for A. Fox as at 31 July 20X8 £ Prov depn ASSETS Non-current assets Freehold land and buildings Fixtures and fittings Current assets Inventories Trade receivables Prepayments (telephone) Bank Total assets EQUITY AND LIABILITIES Equity capital (owners) Current liabilities Trade payables Accruals (electricity) Total liabilities Total equity and liabilities £ Cost 35,000 10,000 45,000 4,200 4,200 £ WDV 35,000 5,800 40,800 3,300 6,540 120 3,000 12,960 53,760 48,480 5,220 60 5,280 53,760