This question requires to prepare the J. Wright's income statement for the year ending 31 March 2019 together with a balance sheet as at that date. Thank you!

AFPA121 Principles of Accounting 2 Homework-5 June 2020 Question 3 J. Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2019: Dr Cr f E Purchases and sales 61,420 127,245 Inventory 1 April 2018 7,940 Capital 1 April 2018 23,930 Bank overdraft 2,490 Cash 140 Discounts 2,480 62 Returns inwards 3,486 Returns outwards 1,356 Carriage outwards 3,210 Rent and insurance 8,870 Allowance for doubtful debts 630 Fixtures and fittings at cost 1,900 Van at cost 5,600 Fixtures and fittings: accumulated depreciation at 1.4.18 570 Van: accumulated depreciation at 1.4.18 700 Accounts receivable and accounts payable 12,418 11,400 Drawings 21,400 Wages and salaries 39,200 General office expenses 319 168,383 168,383 Notes: (a) Inventory 31 March 2019 6,805. (6) Wages and salaries accrued at 31 March 2019 3,500; Office expenses owing 16. (c) Rent prepaid 31 March 2019 600. (d) Increase the allowance for doubtful debts by 110 to 740. (e) Provide for depreciation as follows: Fixtures and fittings 190; Van 1,400. Required: Prepare the income statement for the year ending 31 March 2019 together with a balance sheet as at that date