Mr Negus was in business as an antique dealer. The following trial balance was taken from his books of account on 31st March 2021, after his first successful year of trading in an antique village, at Levenshume. Wages and salaries Rent and rates Repairs Drawings 60,000 22,000 6,000 10,000 Trade Payables 4,000 Delivery van at cost 30,000 Provision for depreciation of van 9,000 Computer equipment at cost 6,000 Provision for depreciation of computer equipment 2,000 Trade Receivables 51,000 Inventory, 1st April 2020 29,000 Sales 210,000 Fixtures and fittings at cost 28,000 Provision for depreciation of fixtures and fittings 8,800 Freehold premises 110,000 Lighting and heating 9,500 Purchases 70,000 Cash at bank 21,500 Capital at 1st April 2020 219,200 453,000 453,000 The following additional information is supplied: 1. At 31st March 2021, the inventory was valued at 45,000. Mr Negus has, however, told you that this includes a pair of antique French Amboyna Arm Chairs, which cost 3,000. These are now known to be fakes and are likely to be sold on eBay. Mr Negus considers that he is likely to receive 800 for the pair. 2. The following assets must be depreciated: Delivery van by 10% on a straight-line basis Fixtures and fittings by 15% on a reducing balance basis The computer equipment is to be depreciated by 500 per annum. 3. Of the 22,000 paid for rent and rates, 1,500 is an advance payment relating to the period ending 31 March 2022. 4. 800 of lighting and heating is due at 31st March 2021, but not paid. 5. Trade receivables includes an amount due of 10,000 from customer Asil Nadir, an alleged fraudster. This amount has now become uncollectible. 2 Please turn over REQUIRED: a) Prepare a Statement of Profit or Loss for Mr Negus for the year ended 31st March 2021. b) Prepare a Statement of Financial Position at 31st March 2021. (13 marks)