A year ago, you prepared financial statements for A. Wilson, a retailer. His closing position was then:

Mr. Wilson does not keep full records (despite your advice) and once again you have to use what information is available to prepare his financial statements to 31 March 20X3. The most reliable evidence is a summary of the bank statements for the year. It shows:

For some of the sales Askard credit cards are accepted. Askard Ltd charges 2 per cent commission. At the end of the year the amount outstanding from Askard Ltd was £294.
Some other sales are on credit terms. Wilson keeps copies of the sales invoices in a box until they are settled. Those still in the 'unpaid' box at 31 March 20X3 totaled £1,652, which included one for £136 outstanding for four months - otherwise they were all less than two months old. Wilson thinks he allowed cash discounts of about £150 during the year. The debt of £72 outstanding at the beginning of the year for which a provision was made was never paid.
The amount of cash and cheques received from credit customers and from cash sales were all paid into the bank except that some cash payments were made first. These were estimated as:
.......................................................... £
Part-time assistance .............................. 840
Petrol for van ..................................... 800
Miscellaneous expenses ........................ 200
Wilson's drawings ............................ 2,000
Invoices from suppliers of goods outstanding at the year end totaled £2,420. Closing inventory was estimated at £7,090 (cost price) and your fee has been agreed at £200. It has been agreed with the Inspector of Taxes that £440 of the van expenses should be treated as Wilson's private expenses.
Required
Prepare the statement of profit and loss for Wilson's business for the year to 31 March 20X3 and a statement of financial position at that date?

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Statement of financial position for A. Wilson as at 31 March 20X2 Cost Prov depn WDV ASSETS Non-current assets Delivery van (cost 4,800 in May 20X0) Current assets Inventories Trade receivables Less: provision for doubtful debts Owing from Askard Ltd 4,800 1.920 2880 6,410 1,196 1,124 196 7,730 Total assets EQUITY AND LIABILITIES Equity copital (owners) Current liabilities Bank overdrott Trade payables Accruals laccountant's fee) Provision for legal claim Total liabilities Total equity and liobilities 7,726 70 2,094 120 600 2884 10610 Balance at 1 Apr 20X2 (overdraft Cash and cheques from credit customers Cheques from Askard Ltd (70) 33,100 7,840 40,870 Less: cheques drawn for: Wilson's personal expenses Van-tax, insurance, repairs Rent, rate Cash register Accountant's fee Trade payables Legal claim settled Balance at 31 Mar 20X3 ,400 440 2,940 400 120 28,284 s and general expenses 60 40,044 826