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 6,000 Provision for depreciation: Fixtures and fittings Debtors Commission received 29,000 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 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) 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 6,000 Provision for depreciation: Fixtures and fittings Debtors Commission received 29,000 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 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)