The following balances were extracted from the books of Jelly Bean at the end of March 2020:

Details	DR	CR
Capital		75,000
Drawings	5,000
Insurance	6,300
Fixtures and Fittings	100,000
Provision for depreciation: Fixtures and fittings		6,000
Debtors	29,000
Commission received		10,000
Carriage Inwards	3,600
Returns	3,000	5,000
Discounts	1,500	2,000
Carriage Outwards	6,000
Creditors		28,000
Sales		139,800
Purchases	75,000
Loan		30,000
Motor Vehicle	50,000
Provision for depreciation: Motor Vehicle		15,000
Rent Received (from tenant)		7,200
Wages and Salaries	15,000
Bad debts	2,500
Provision for bad debts		1,400
Stock at April 1, 2019	15,500
Bank		25,000
Cash	32,000
	344,400	344,400

Yearend notes:

a) Closing stock at March 31, 2020 was $31,000

b) Depreciate the motor vehicle at 10% on the straight line and fixtures & fittings 10% reducing balance

c) Accrued wages was $5,000 and Commission Received is owing by $3,000

d) The monthly insurance premium to be paid is $950.

e) Jelly rented a section of the business premises to a tenant on November 1, 2019 for $1,400 per month.

f) The Provision for bad debts is to be revised to 10 % of debtors

Required:

1. Prepare the Statement of profit or loss for Jelly Bean. (25 marks)

2. Prepare a Statement of financial position for Jelly Bean (15 marks)