Mohan is a sole trader who does not maintain a full set of accounting records. He was able to provide the following information:

Fixtures should be depreciated by 10% per annum on the cost of fixtures held at the end of the year. The motor vehicle should be depreciated by 25% per annum on cost.
a. Prepare the income statement of Mohan for the year ended 30 April 20–9.
b. Prepare the statement of financial position of Mohan at 30 April 20–9. Show all calculations.

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On 1 May 20-8: Fixtures (cost $31000) 24800 Motor vehicle (cost $15000) 9000 Inventory 19600 Trade receivables 17300 Balance at bank 9750 Trade payables 16450 For the year ended 20 April 20-9: $ Receipts - From trade receivables 458800 Payments - To trade payables 371820 For motor expenses 15070 For general expenses 25500 For new fixtures 4000 For Mohan's personal use 20000 On 30 April 20-9: Inventory 23080 Trade receivables 21500 Trade payables 15510