Bugs Bunny, a wholesale dealer in ready-made menswear, achieves a gross profit ratio of 50 per cent. The statement of financial position of the business as at 30 June 20X8 was as follows:

Since this date the accounting function has been neglected. However, on the basis of records in his personal diary, Bugs Bunny confirms the following:
1. As at 30 June 20X9, £138,000 is due from credit customers and £108,000 is owed to credit suppliers.
2. During the year ended 30 June 20X9, the payments set out below have been made:

3. A vehicle acquired for £15,000 on 1 April 20X5 was sold for £3,830 in the year to 30 June 20X9. Motor vehicles and equipment are depreciated at 20 per cent and 10 per cent per annum on cost, respectively. The depreciation policy is to charge a full year’s depreciation in the year of acquisition and none in the year of disposal.
4. An allowance for irrecoverable debts is maintained at 5 per cent of trade receivables outstanding at the year end. A receivable amounting to £22,000 is deemed to be irrecoverable and was written off in the year.
5. Accruals as at 30 June 20X9 consisted of salaries £10,200, rent £3,000 and other expenses amounting to £13,000.
6. Cash in hand and at bank on 30 June 20X9 is £400.
7. Inventories in trade on 30 June 20X9 (valued at cost) is £99,405.
8. With Bugs Bunny’s permission, his teenage sons have been regularly helping themselves to ready-made garments from the shop.
9. All sales and purchases are on credit.

Required
Prepare the statement of profit or loss for Bugs Bunny for the year ended 30 June 20X9 and the statement of financial position as at that date.

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ASSETS Non-current assets Bugs Bunny Statement of financial position as at 30 June 20X8 £ £ Cost Prov depn Motor vehicles Fixtures and fittings Current assets Inventories Trade receivables less allowance for irrecoverable debts Cash and bank Total assets EQUITY AND LIABILITIES Equity capital Opening balance Profit for the year Drawings Closing balance Current liabilities Trade payables Accruals - salary Accruals- other expenses Total current liabilities Total equity and liabilities 60,000 43,000 103,000 24,000 12,900 36,900 £ WDV 36,000 30,100 66,100 79,300 76,475 17,125 172,900 239,000 114,750 38,900 153,650 29,150 124,500 94,472 9,200 10,828 114,500 239,000