The following balances were extracted from the books of Bridget Foster as at March $31,2020.$ She is a sole trader who operates a makeup store in Liguanea.

PARTICULARS

DR

CR

Sales

$255,000$

Capital

$120,500$

Stock at April $1,2019$

$14,000$

Purchases

$140,500$

Returns

$3,600$

$4,800$

Wages

$25,000$

Utilities

$3,000$

Insurance

$5,200$

Discounts

$2,300$

$2,500$

Motor Vehicle

$120,000$

Provision for Depreciation $-$ Motor Vehicle

$20,000$

Drawings

$24,000$

Loan

$40,000$

Fixtures and Fittings

$90,000$

Provision for Depreciation $$ Fixtures and Fittings

$10,000$

Debtors

$75,000$

Provision for bad debts

$7,000$

Commission Received

$4,000$

Carriage Outwards

$5,000$

Bad debts

$4,500$

Carriage Inwards

$3,700$

Rental Income $($from Lennox Lowe$)$

$9,000$

Creditors

$30,000$

Bank

$35,000$

Cash

$22,000$

$537,800$

$537,800$

Year$-$end notes:

a$)$ Fixtures and Fittings are to be depreciated using the straight line method at a rate of $10\%$ per annum; and the reducing balance method is to be used to depreciate motor vehicles at a rate of $20\%$ per annum.

b$)$ Wages are owing at the yearend amounted to $$2,500,$ Jessica rented Lennox Lowe a very small section of the store for $$700$ per month; he Jerry occupied the space for the entire accounting year.

c$)$ Commission received was accrued $$500$

d$)$ The insurance paid represents fixed monthly premiums for the period April $1,2019$ to June $30,2020$

e$)$ Stock at March $31,2020$ $$16,000$

f$)$ The provision for bad debts is to be revised to $5\%$ of debtors at the end of the financial year of the business

Required:

$1.$ Prepare the Statement of Profit or Loss for Bridget Foster. $(25$ marks$)$

$2.$ Prepare a Statement of Financial Position.