On 1 January 2018, W. Oakley started business as a wholesale confectioner. The following provisional financial statements on 31 December 2018 is provided to you:

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
Sales		109 846
Cost of sales		43 456
opening inventory
purchases		43 377
carriage		347
returns outwards		268
closing inventory
Gross profit		66 390
Other income
rent received		1 100
discount received		210
		67 700
Expenses		11 269
Advertising		2 110
Bad debts		179
Discount allowed		337
Heat and light		430
Insurance		825
Interest paid on long term loan		1 021
Motor vehicle expenses		755
Salaries and wages		5 052
Rates		560
Profit before tax		56 431

STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2018
ASSETS
Property, plant and equipment	Cost	Accumulated Depreciation
Motor vehicles	12 000		12 000
Fixtures and fittings	12 580		12 580
Machinery and Equipment	5 800		5 800
Plant and equipment	62 218		62 218
Current asset
Debtors			5 960
Bank and Cash			16 699
Inventory
			115 257
EQUITY AND LIABILITIES
Equity and reserves
Share capital			28 332
Drawings			(12 561)
Profit for the year			56 431
Long term liabilities
Long term loans			9 805
Mortgage 10% per year			30 000
Current liabilities
Creditors			3 250
			115 257

Additional information:

1. Inventory in hand at 31 December 2018 R11 898.
2. Write off R160 for bad debts and create a provision of 5% for doubtful debts on the good outstanding debtors.
3. The mortgage loan was raised on 1 April 2018 and no interest is recorded in the above accounting records.
4. An invoice of R560 for rates for the half year to 31 March 2019 had been received but not paid.
5. The insurance above was paid for the period 1 January 2018 to 30 June 2019.
6. The figure for advertising includes R110 for next year.
7. At statement of financial position date R126 is still owed to Crossways Garage Ltd for maintenance and repair of the motor van.
8. Depreciate fixtures and fittings by 10%, plant and machinery by 12% and motor vehicles by 15%. Depreciation is calculated on cost. All the assets were bought on 1 January 2018 except for motor vehicles which were bought on 1 March 2018.

REQUIRED

Prepare the final statement of comprehensive income for the year ended 31 December 2018 and a statement of financial position at that date.