P P Inventory 1 September 2017 8,200 Purchases and Sales 26,000 40,900 Rent 4,400 Business rates 1,600 Sundry expenses 340 Motor vehicle at cost 9,000 Receivables and Payables 1,160 2,100 Bank 1,500 Provision for depreciation on motor vehicle 1,200 Capital at 1 September 2017 19,700 Drawings 11.700 63,900 63.900 NOTES 1. At 31 August 2018 there was 2. Inventory valued at cost prices P9,100 3. Accrued rent of P400 4. Prepaid business rates of P300. The motor vehicle is to be depreciated at 3% of cost REQUIRED: a) Prepare the income staternent for the year ended 31 August 2018. (8 marks) b) Statement of financial position as at that date. (12 marks)