6 Nii Apiakai owns a small retail business and has completed first year of trading in March, 2014. He kept debtors ledger, creditors ledger for goods purchased and a single entry records for all other transactions. A summary of cash transactions for the year ended 31 March 2014 is given below: Receipts: Cash float for till Cash sales Receipt from Debtors Commission received Dividend received GH Payments: 60 830 1,200 80 130 Creditors for goods purchased Drawings Insurance Rent and Rates Lodgment with Bank GH 960 220 160 132 730 cial Accounting and Reporting: An Introduction A summary of the bank account for the year to 31 March, 2014 is also available: Capital Banked by business ii GH 1,600 730 The following information is also available: iv V vi Motor Van Cash float Delivery Van Sundry expenses Creditors for goods as Inventory in-had at 31 March 2014 Sundry expenses prepaid Creditors at 31 March 2014 GH 940 60 820 200 150 Depreciation is to be provided on fixed assets at 10% on cost Bad debt written off (already excluded from debtors balance) Debtors at 31 March 2014 GH 420 42 55 48 370 Required: Prepare an income statement for the year ended 31 March, 2014 and statement of financial position as at that date.