Jim started his business on April 1st, Year 1 with $5,000 in his business bank account and a $3,500 motor car that he transferred to the company. He didn't keep track of his ledger accounts. Jim drew things worth $3,200 for his own personal use and cash worth $8,150 during the year ending March 31st, Year 2. Year 2's assets and liabilities were as follows at the end of March: $ Motor car at valuation 2,800 Closing stock at cost 3,195 Rates prepaid 360 Wages accrued due 470 Cash in hand 190 Fixtures & Fittings (cost $4,000) 3,600 Debtors 2,180 Creditors 1,310 Loan(at interest of 10% per annum) from Johnny 3,000 Interest on Loan accrued due 150, Bank overdraft 1,420 Required: (a) Prepare a Statement Of Affairs to show Jims Capital at 31 st March Year 2 (16 marks) (b) Calculate Capital at the start of business and using this figure together with his Capital at end of the financial year, calculate Jims profit for the year ended 31 st March Year 2