Lee Crosby has just completed his first year of trading selling cookery equipment. He attempted to prepare a balance sheet from his trial balance before seeking expert help as he was having difficulty getting the balance sheet totals to agree. The trial balance included a suspense account balance of $10,000.$ This amount has not been entered on the balance sheet.

Balance sheet for Lee Crosby for the year ended $31$ March $2018$

Capital at $1$ April $2017136,175$

Shop fittings $38,000$

Drawings $71,201$

Current liabilities

Loan payable $202352,000$

Trade receivables $3,740$

Accrual of expenses $160$

Cash at bank $2,140$

$58,040$

Current assets

Property $108,000$

Trade payables $4,220$

Prepayment of expenses $225$

$112,445$

$56,405$

$190,971$

Closing inventories $31,517$

Cash in hand $155$

Profit for the year $52,423$

$84,095$

Additional information at $31$ March $2018$

$1.$ During the year cookery equipment purchased for resale that had cost $3,500$ has been entered in error into the shop fittings account.

$2.$Lee believes the shop fittings will have an economic life of $5$ years and have an estimated residual value of $2,000.$

$3.$The property should be depreciated by $5\%$ using the straight$-$line method.

$4.$Lee had withdrawn $75$ in cash from the business for his own personal use. This transaction has not yet been accounted for.

$5.$A credit customer has ceased trading owing Lee $1,040$ that will never be received.

$6.$The wages account has been overstated by $10,000.7.$ A credit supplier has issued a credit note of $55$ for goods that have been damaged and this has not been entered into the books of account.

Required Prepare a corrected balance sheet at $31$ March $2018$ taking into account the additional information in points $17.$