The financial affairs of Newbegin Tools prior to the commencement of trading were as follows. NEWBEGIN TOOLS STATEMENT OF FINANCIAL POSITION AS AT 1 AUGUST 20X5 Non-current assets Motor vehicle 2,000 3,000 5,000 Shop fittings Current assets Inventories 12,000 1,000 18,000 Cash Capital Current liabilities 12,000 Bank overdraft 2,000 Trade payables 4,000 6,000 18,000 At the end of six months the business had made the following transactions. Goods were purchased on credit at a list price of $10,000. (a) (b) Trade discount received was 2% on list price and there was a settlement discount received of 5% on settling debts to suppliers of $8,000. These were the only payments to suppliers in the period Closing inventories of goods were valued at $5,450. All sales were on credit and amounted to $27,250. (c) (d) Outstanding receivables balances at 31 January 20X6 amounted to $3,250, of which $250 were to be written off. An allowance for receivables is to be made amounting to 2% of the remaining outstanding receivables (e) (f) Cash payments were made in respect of the following expenses. $ Stationery, postage and wrapping Telephone charges (i) (ii) (ii) Electricity (iv) 500 200 600 Cleaning and refreshments 150 Cash drawings by the proprietor, Alf Newbegin, amounted to $6,000 (g) (h) The outstanding overdraft balance as at 1 August 20X5 was paid off. Interest charges and bank charges on the overdraft amounted to $40. Prepare the statement of profit or loss of Newbegin Tools for the 6 months to 31 January 20X6