Question 1 The following are the unadjusted ledger balances of Jan-Stone Limited for the year ended 31 March 2018: Jan-Stone Limited Trial Balance as at 31 March 2018 DR ($) CR ($) 200,000 568,000 72,000 6,000 Share Capital Sales Trade Payables Purchases return General expenses Purchases Sales returns Carriage outwards Rental expense Insurance expense Utilities Stationery Advertising Salaries Cash at Bank Inventory at 1st April 2017 Trade Receivables Furniture & fitting, at cost Office Equipment, at cost Accumulated depreciation, at 01st April 2017: Furniture and fitting Office Equipment Total 3,700 296,000 15,000 10,000 115,000 22,000 19,000 2,000 43,000 96,000 39,000 46,000 75,000 80,000 45,300 37,600 23,400 907,000 907,000 Additional information needed for year-end adjustments, is as follows: Utilities owing as at 31 March 2018 1,600 Insurance for April 2018 3,200 Inventory, at 31 March, 2018 86,300 Irrecoverable Debts to be written off 1,800 Depreciation of Furniture based on cost 20% Depreciation of Equipment $5,600 Required: a) Prepare a classified Income Statement for the year ended 31 March, 2018 [10 marks) b) Prepare a Statement of Financial Position as at that date. [10 marks)