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40.6 On 1 May 2018 Jenny Barnes, who is a retailer, had the following balances in her books: Premises f70,000; Equipment 8,200; Vehicles 5,100; Inventory 9,500; Trade accounts receivable 150. jenny does not keep proper books of account, but bank statements covering the 12 months from 1 May 2018 to 30 April 2019 were obtained from the bank and summarised as follows: It has been discovered that, in the year ending 30 Aprilizo19, tne owner nau pari . nto the bank all shop takings apart from cash used to pay (i) E408 miscellaneous expenses and (ii) 500 per month drawings. At 30 April 2019: 67,600 was owing to suppliers for inventory bought on credit. The amount owed by trade accounts receivable is to be treated as a bad debt. Assume that there had been no sales on credit during the year. inventory was valued at 13,620. Depreciation for the year was calculated at 720 (equipment) and 1,000 (vehicles). You are asked to prepare an income statement for the year ending 30 April 2019. (Show all necessary workings separately.) 40.6 On 1 May 2018 Jenny Barnes, who is a retailer, had the following balances in her books: Premises f70,000; Equipment 8,200; Vehicles 5,100; Inventory 9,500; Trade accounts receivable 150. jenny does not keep proper books of account, but bank statements covering the 12 months from 1 May 2018 to 30 April 2019 were obtained from the bank and summarised as follows: It has been discovered that, in the year ending 30 Aprilizo19, tne owner nau pari . nto the bank all shop takings apart from cash used to pay (i) E408 miscellaneous expenses and (ii) 500 per month drawings. At 30 April 2019: 67,600 was owing to suppliers for inventory bought on credit. The amount owed by trade accounts receivable is to be treated as a bad debt. Assume that there had been no sales on credit during the year. inventory was valued at 13,620. Depreciation for the year was calculated at 720 (equipment) and 1,000 (vehicles). You are asked to prepare an income statement for the year ending 30 April 2019. (Show all necessary workings separately.)