Obelix is a trader. He does not maintain a full set of accounting records but the following information is available. 1 Summarised bank transactions for the year ended 31 March 2018 Receipts Trade receivables $ 32 000 Payments Trade payables Purchase of equipment Rent $ 29 000 2 500 8 000 Cash sales banked 7 400 600 Interest receivable Other operating expenses 6 500 2 All cash sales were banked on the day of receipt with the exception of the following which were paid out of cash receipts. $ Wages Drawings 9 000 11 500 1 April 2017 $ 3 Balances at: 31 March 2018 $ Equipment (net book value) Inventory Trade receivables 11 000 12 000 10 500 11 500 18 350 7 950 450 17 600 9 750 Trade payables Wages owing Rent prepaid Bank 300 500 700 3 950 Debit ? ? Capital 35 000 REQUIRED (a) Income Statement for the year ended 31 March 2018 (15 marks) (b) Statement of Financial Position as at 31 March 2018 (10 marks)