J Tocher started business on 1 April 2012 selling one model of digital cameras on hire purchase. During the year to 31 March 2013 he purchased 2,000 cameras at a uniform price of $£ 110$ and sold 1,900 cameras at a total selling price under hire purchase agreements of $£ 165$ per camera, payable by an initial deposit of $£ 45$ and 10 quarterly instalments of $£ 12$.

The following trial balance was extracted from Tocher's books as at 31 March 2013.

\begin{tabular}{lrr}

& $£$ & $£$ \\

Capital & 40,000 & 175,926 \\

Drawings & 9,500 & \\

Non-current assets & 220,000 & \\

Purchases & & 131,100 \\

Cash collected from customers & 5,000 & \\

Rent, business rates and insurance & 27,000 & \\

Wages & 5,100 & \\

General expenses & 13,026 & \\

Balance at bank & $\underline{319,626}$ & $\underline{\underline{319,600}}$ \\

Sundry trade accounts payable & $\underline{\underline{3}}$

\end{tabular}

The personal accounts of customers are memorandum records (i.e. they are not part of the double entry system).

Tocher prepares his financial statements on the basis of taking credit for profit (including interest) in proportion to cash collected from customers.

Prepare Tocher's hire purchase income statement for the year ending 31 March 2013 and a statement of financial position as at that date.

Ignore depreciation of non-current assets.