Stock at April 1, 2016 18,000 Bank 34,500 Rent paid 10,000 Cash 22,800 Discounts 4,000 6,000 537.300 537,300 Year-end notes: a) Stock at March 31, 2017 is $18,300; however it appears that an additional amount, $1,700 was found in a store room. The amount was deemed material and has ALREADY been accounted for. b) Fixtures and Fittings are to be depreciated using the straight line method at a rate of 10% per annum; and the reducing balance method is to be used to depreciate motor vehicles at a rate of 16% per annum. C) Accrued wages was $1,200 and commission received is owing by $900 d) Monthly payments for insurance amounts to $400 e) On October 1, 2016, the Rosy took goods amounting to $600 from the warehouse and continued to do so at the beginning of every month up to June 2017. f) The Provision for bad debts is to be revised to 5% of debtors Required: 1. Prepare the Statement of Profit or Loss for Rosy Cheeks (30 marks) 2. Prepare a Statement of Financial Position. (20 marks) Stock at April 1, 2016 18,000 Bank 34,500 Rent paid 10,000 Cash 22,800 Discounts 4,000 6,000 537.300 537,300 Year-end notes: a) Stock at March 31, 2017 is $18,300; however it appears that an additional amount, $1,700 was found in a store room. The amount was deemed material and has ALREADY been accounted for. b) Fixtures and Fittings are to be depreciated using the straight line method at a rate of 10% per annum; and the reducing balance method is to be used to depreciate motor vehicles at a rate of 16% per annum. C) Accrued wages was $1,200 and commission received is owing by $900 d) Monthly payments for insurance amounts to $400 e) On October 1, 2016, the Rosy took goods amounting to $600 from the warehouse and continued to do so at the beginning of every month up to June 2017. f) The Provision for bad debts is to be revised to 5% of debtors Required: 1. Prepare the Statement of Profit or Loss for Rosy Cheeks (30 marks) 2. Prepare a Statement of Financial Position. (20 marks)