Chantal Clarke is a sole trader who operates a wholesale. The following trial balance was as at March 31, 2018.

Particulars	DR ($)	CR($)
Furniture	150,000
Motor Vehicle	600,000
Purchases	1,000,500
Wages	160,500
Bad debts	3,000
Provision for depreciation Furniture		5,000
Provision for depreciation Motor Vehicle		120,000
Capital		150,000
Loan		300,000
Bank	49,500
Rent received from Jermain Brown		30,000
Discounts	3,500	4,500
Returns	40,000	22,000
Carriage inwards	2,500	s
Rent paid	80,000
Provision for bad debts		1,500
Accounts payable		94,000
Drawings	8,000
Stock at April 1, 2017	235,000
Cash	25,500
Accounts receivable	35,000
Sales		1,670,000
Commission receivable		20,000
Insurance	6,000
Carriage outwards	18,000
	2,417,000	2,417,000

Notes

a) The monthly payment for insurance is $600 for the year.

b) wages were prepaid $800, commission receivable for the year amounted to $15,000

c) She rents a small section of the building to Jermain Brown, for $4,500 per month starting June 1, 2017 until the end of the accounting year.

d) Chantal Clarke took some goods valued at $3,400 from the wholesale for her daughters birthday party. This was not recorded in the books.

e) The provision for bad debt is to be adjusted to 7% of accounts receivable

f) Stock at the yearend was valued at $67,700.

g) Depreciation rates are as follows:

i. Furniture 10% per annum on the reducing balance basis

ii. Motor Vehicle 10% per annum on the straight line basis

Required:

a) Prepare Chantal Clarkes Statement of Profit or Loss (25 marks)

b) Prepare Chantal Clarkes Statement of Financial Position (15 marks)