The following Trial Balance has been extracted from the books of MSG Limited for the year ended 31 March 2021:

Dr.($) Cr.($)

Opening Stock 391,800

Purchases 1,941,000

Return outwards 73,200

Carriage inwards 91,950

Sales 2,851,920

Return inwards 150,360

Carriage outwards 24,750

Staff salary 373,500

Rent 39,000

Commission 20,010

Insurance 6,900

Telephone expenses 24,900

Upkeep of motor vehicles 31,500

Postage and Stationery 20,100

Transportation 6,000

Ordinary shares: Paid up Capital 866,400

Trade payables 128,400

Bank overdraft 66,600

Land and Building 348,000

Motor vehicles 150,000

Fixtures and fittings 46,800

Trade receivables 259,350

Cash in hand 60,600

3,986,520 3,986,520

Additional information:

(i) Stock as at 31 March 2021 was $435,000

(ii) Prepaid Insurance $900

(iii) Accrued telephone expenses $2,100

(iv) Provide for depreciation @ 15% on Motor vehicles and @10% on Fixtures & fittings on cost. No depreciation on Land & Building is to be provided.

(v) Provide 5% on Trade receivables for irrecoverable debts. Required: (a) Prepare the Statement of Comprehensive Income for the year ended 31 March 2021

(b) Prepare the Statement of Financial Position as at 31 March 2021 (Ignore Taxation)