3. Khan Limited trial balance at 31 March 2015 was as follows. Cr. (E) Dr. (E) 14,000 3,100 9,500 2,000 12,000 4,200 5,600 12,000 17,000 15,610 Plant and Machinery (cost) Plant and Machinery-accumulated depreciation Equipment (cost) Equipment - accumulated depreciation Motor vehicle (purchased 1 April 2011) Motor vehicle-accumulated depreciation Opening inventory (stock) Trade receivables Trade payables Cash in hand / Bank Ordinary Share Capital of 1 share each Revenue Purchases Returns outwards Water bills Delivery Cost Discount allowed to customers Wages and Salaries Rent Insurance Miscellaneous expenses 26,660 167,150 54,100 1,200 4,150 3,600 2,150 42,100 14,300 5,600 26,600 221,310 221,310 The following additional information is also available at 31 March 2015: (1) Closing inventory (stock) is 7,120 (2) Salaries and wages of 3,610 were unpaid. (3) 670 of Rent was paid in advance at 31-03-2015. (4) Depreciation for the year to 31 March 2015 is to be provided as follows: Plant and Machinery - 10% straight line method. Equipment - 5% straight line method. Motor vehicle - on a reducing balance basis at 10% per year. (5) Tax for the year was 3,200. Required: (a) Prepare income statement for the year ending 31st March 2015? 15 marks (b) Prepare statement of financial position for the year ending 31st March 2015? 15 marks