Ivor Innes has supplied you with the following information:

During the year to 31 March 2015, Ivor withdrew £11,400 from the business for private purposes. In November 2014, 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 statement of financial position as at 31 March 2015 which clearly indicates the net profit or loss for the year.

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1 April 2014 31 March 2015 Cash 840 700 Fixtures 7,600 7,600 Balance at bank 5,500 8,320 Inventory 17,800 19,000 Accounts receivable 8,360 4,640 Accounts payable 5,200 8,800