From the following data, CONSTRUCT a Profit and Loss Statement for the financial year ending 30th June 2012. Clearly SHOW all items. There was an overall cash deficit for the financial year of $3,841. EXPLAIN the difference between the cash position and the profit shown by your Profit and Loss Statement. During the period 1/7/2011 to 30/6/2012, My Engineering Company sold $503,400 of products on credit for which it received $415,300. It also received payment of $46,400 for product sold in the previous year. As at 30/6/2012, the company had $38,300 of unsold and partly completed product on its premises which was down from $48,700 worth of product twelve months earlier During the past year, the company purchased $143,400 of raw material on credit for which it still owes $23,900. It also paid $18,100 for material purchased in the previous year. Not all of the material has been used during the past year and there is $20,900 worth of material available for the next year (at the start of the year there was $26,700 worth of material available). Various consumables such as small hand tools, welding gases and sticks at a cost of $13,391 were bought and paid for during the financial year. These items will have been written off (that is they show as expenditures on the profit and loss statement) and hence have no enduring value According to the previous year's Balance Sheet, the company had $7,750 of general office equipment (this was purchased for $11,600 in mid-April 2009). At the beginning of the financial year, the existing computer system was replaced at a cost of $15,000. The company also had $212,300 of processing equipment (plant) on its books at 30/6/2011 original cost $255,000). The owner of the company has a house in his and his wife's name valued at $700,000. He drives a car that is registered in the company's name that cost $48,000 almost two years ago and was valued at $38,800 on last year's balance sheet. As at 30/6/2012, there is an overdraft of $9,500 in the trading account. This was a vast improvement on the position twelve months earlier when the overdraft was $54,000. The company also has a loan of $175,000 from the bank that attracts an interest charge of 15% which is all the company is paying (i.e. it is not paying back any of the capital at present). Petty cash in the office amounts to $145 (at 30/6/2010 cash on hand was $904)