You are presented with the following information Starter Profit and loss account for the year to 31 March 2012 Sales 10000 Purchases 5000 Less Closing stock 1000 4000 Gross profit 6000 Less Depreciation 2000 Net profit for the year 4000 Balance sheet at 31 March 2012 Van 10000 Less Depreciation 2000 8000 Stock 1000 Trade debtors 5000 Bank 12500