Ivor Innes has supplied you with the following information:

During the year to 31 March 2008, Ivor withdrew £11,400 from the business for private purposes. In November 2008, Ivor received a legacy of £18,000 which he paid into the business bank account.
Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful debts.
Required:
Prepare a balance sheet as at 31 March 2008 which clearly indicates the net profit for the year.

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1 April 2007 31 March 2008 Cash 840 700 Fixtures 7,600 7,600 Balance at bank 5,500 8,320 Stock 17,800 19,000 Debtors 8,360 4,640 Creditors 5,200 8,800