Mr. Y, who keeps his books by single entry system, gives you the following information: Assets and liabilities 1.1.2005 (7) Stock in trade Debtors Creditors Bill Receivable Bills Payable Furniture Building 18,700 12,000 9,000 4,000 10,000 20,000 1,20,000 4,500 31.12.2005 (3) 23,400 34,000 17,500 5,000 12,000 40,000 4,20,000 6,500(cr.) Bank Balance You are also given the following information: i) A provision of 5% on debtors created for doubtful debts. ii) Depreciation 5% is to be charged on closing value of Building and Furniture. iii) Wages outstanding 25,000, rent outstanding 6,000 iv) Drawing during the year 25,000 and additional capital *40,000. Calculate profit/loss of the concern and also prepare final statement of affairs.