The following represent balances taken from the General Ledger for Daves Diving School as at 28^th February 2008.

Advertising expenses	7 525
Bank overdraft	16 750
Boats	26 000
Bond on Land and Buildings (repayable 2010)	95 375
Capital 28/02/2007	145 000
Drawings	12 625
Land and Buildings	145 000
Oxygen Supplied	12 000
Oxygen tanks	12 750
Trade Payables	27 500
Petrol expense	2 600
Postage expense	1 880
Rates and Taxes expense	13 620
Trade Receivables	32 000
Repairs to equipment	8 250
Salaries expense	55 000
Services Rendered - Dive Fees	129 000
Stationery expense	1 250
Telephone	5 300
Vehicles	72 750
Water and Lights Expense	5 075

Required:

Using the information provided, prepare the Statement of Profit or Loss and the Statement of Financial Position for this business for the financial year ended 28^th February 2008.