Jane Grimes, retail fruit and vegetable merchant, does not keep a full set of accounting records. However, the following information has been produced from the business's records:
1. Summary of the bank account for the year ended 31 August 20X3:

2. Assets and liabilities, other than balance at bank:

3. All receipts are banked and all payments are made from the business bank account.
4. A trade debt of £300 owing by Peter Blunt and included in the trade receivables at 31 August 20X3 (see point 2 above) is to be written off as a bad debt.
5. It is Jane Grime's policy to provide depreciation at the rate of 20 per cent on the cost of motor vans held at the end of each financial year; no depreciation is provided in the year of sale or disposal of a motor van.
6. Discounts received during the year ended 31 August 20X3 from credit suppliers amounted to £1,000.
Required
a. Prepare Jane Grime's statement of profit and loss for the year ended 31 August 20X3.
b. Prepare Jane Grime's statement of financial position as at 31 August 20X3?

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Bank account 1 Sep 20X2 balance brought forward Receipts from 1,970 Payments to credit suppliers Purchase of motor van (E471 KBR) 72,000 3,000 2,600 15,100 3,350 1,360 9,200 650 800 2,010 20,070 credit customers Sale of private yacht Sale of motor van (A123 BWA) 96,000 Rent and rates 20,000 Wages 2,100 Mofor vehicle expenses Postage and stationery Repoirs and renewals Insurances 31 Aug 20X3 balance carried forward 120,070 As at 1 Sept 20X2 31 Aug 20X3 Trade payables Trade receivables Rent and rates accruals Motor vans: 4,700 7,320 200 2,590 9,500 260 10,000 8,000 A123 BWA-A cost Provision for depreciation E471 KBR At cost Provision for depreciction 13,000 To be determined 5,900 200 Inventory in trade Insurances prepaid 4,900 160