The following trial balance was extracted from the books of JCV Ltd. as at 30 September 2019:

	$	$
Land and buildings	151,000
Motor vehicles at cost	60,000
Accumulated depreciation on motor vehicle (1 October 2018)		15,000
Purchases and sales	1,204,000	1,574,050
Inventory (1 October 2018)	91,000
Revenue reserves		66,700
General expenses	2,325
Salaries and wages	244,150
Electricity	5,600
Bank balance	42,200
Interim dividend paid	7,000
Motor vehicles expenses	4,475
Insurance	7,150
Discounts allowed and discounts received	10,900	8,300
Bad debts written off	3,050
Accounts receivable and accounts payable	136,500	100,700
Debenture interest paid	2,400
Ordinary shares ($ 40 par value)		160,000
Share premium		36,000
8% debentures		60,000
Cash in hand	9,000
Directors’ fees	40,000
	2,020,750	2,020,750

                                             

Additional information:

1. 1Goods costing $710 purchased on credit on 29 September 2019, were in transit and therefore had not been entered in the books by close of business on 30 September 2019.
2. Inventory as at September 2019 was valued at $112, 300
3. A debtor who owed the company $1,500 was declared bankrupt. His debt has not yet been written off.
4. Allowance for doubtful debts is to be set at 2% of the outstanding receivables.
5. Depreciation is to be provided on motor vehicles at a rate of 20% per annum on cost.
6. As at 30 September 2019, outstanding motor vehicles expenses amounted to $125, 000 while pre-paid insurance amounted to $150.
7. Invoices issued amounted to $950 had completely been omitted from the records as at 30 September 2019.
8. Provision is to be made for outstanding debenture interest and corporation tax of $22,975.
9. The directors have proposed a final dividend of $2.50 per share.

Required:

1. Income statement for the year ended 30 September 2019.                  
2. Statement of financial position as at 30 September 2019.