David a sole trader has prepared the following balance as at 31 March 2016. Sh.

Sales

378,500.00

Discount Received

2,400.00

Rent Received

7,500.00

Returns outwards

7,700.00

Creditors

18,700.00

Bank Overdraft

30,000.00

Capital

287,500.00

Purchases

261,700.00

Salaries and Wages

45,700.00 expenses

8,400.00

Insurance premiums

3,100.00

Electricity

1,600.00

Advertising

8,400.00

Telephone

2,100.00

Business Rates

7,500.00

Discounts allowed

600.00

Returns Inwards

4,100.00

Stocks as at 1 April 2016

120,600.00

Warehouse, shop and office

210,000.00

Fixtures and fittings

12,800.00

Debtors

13,000.00

Cash in till

500.00

Drawings

26,000.00

The following further information was obtained:

1. Closing stock was Sh.102,500.00

2. Electricity charges accrued Sh.700.00

3. Advertising expenses accrued Sh.500.00

4. Insurance premiums paid in advance Sh.900.00

5. Business rates prepaid Sh.1,500.00

Required:

i.

Prepare the Statement of Comprehensive Income for the year ended 31 March 2017 (7Marks)

ii.

Prepare the Statement of Financial Position as at 31st March 2017.

(8Marks)