Stewart is a sole trader, supplying building materials to local builders. He prepares his accounts to 30 June each year. At June 30 2013, his trial balance was as follows: Dr Cr Rs. Rs. Capital at 1 July 2012 55,550 Purchases and sales 324,500 625,000 Returns 2,300 1,700 Discounts 1,500 2,500 Building materials at 1 July 2012 98,200 Packing materials purchased 12,900 Distribution costs 17,000 Rent, rates and insurance 5,100 Telephone 3,200 Car expenses A 2.400 Wages 71,700 Allowance for doubtful debts at 1 July 2012 Heat and light 1,850 Sundry expenses 6,700 Delivery vehicles - cost 112,500 Delivery vehicles - depreciation at 1 July 2012 35,000 Equipment -cost 15,000 Equipment - depreciation at 1 July 2012 5,0 Trade receivables and payables 95,000 82,000 Loan 10,000 Loan repayments 6,400 Bank deposit account 15,000 Bank current account 26,500 1,000 817,750 817.750 The following additional information at 30 June 2013 is available: () Inventory of building materials Rs.75,300 Inventory of packing materials Rs.700 There was also an unpaid invoice of Rs. 200 for packing materials received and consumed during the year (ID ) Prepayments: rent, rates and insurance Rs.450 Accrued expenses: heat and light Rs.400 telephone Rs.500 (iv) Wages include Rs.23,800 cash withdrawn by Stewart. (v) Trade receivables have been analysed as follows: Rs Current month 60,000 30 to 60 days 20.000 60 to 90 days 12,000 over 90 days 3,000 Allowance is to be made for doubtful debts as follows: 30 to 60 days 1% 60 to 90 days 2.5% over 90 days 5% (after writing off Rs.600) (vi) Sundry expenses includes Rs. 3,500 for Stewart's personal tax bill. (vii) The loan was taken out some years ago, the final payment is due on 31 March 2014. The figure shown in the trial balance for "loan repayments includes interest of Rs 800 for the year. (vii) The bank deposit account was opened on 1 January 2013 as a short-term investment, interest is credited at 31 December annually, the average rate of interest since opening the account has been 6% per annum. (lx) At 1 July 2012, Stewart decided to bring one of his family cars, valued at Rs.8,000, into the business. No entries have been made in the business books for its introduction (x) Depreciation is to be provided as follows: 20% on cost for delivery vehicles 25% on the reducing balance for the car 25% on the reducing balance for the equipment Required: (a) Prepare a statement of comprehensive income for the year ended 30 June 2013 (b) Prepare a statement of financial position at 30 June 2013 Stewart is a sole trader, supplying building materials to local builders. He prepares his accounts to 30 June each year. At June 30 2013, his trial balance was as follows: Dr Cr Rs. Rs. Capital at 1 July 2012 55,550 Purchases and sales 324,500 625,000 Returns 2,300 1,700 Discounts 1,500 2,500 Building materials at 1 July 2012 98,200 Packing materials purchased 12,900 Distribution costs 17,000 Rent, rates and insurance 5,100 Telephone 3,200 Car expenses A 2.400 Wages 71,700 Allowance for doubtful debts at 1 July 2012 Heat and light 1,850 Sundry expenses 6,700 Delivery vehicles - cost 112,500 Delivery vehicles - depreciation at 1 July 2012 35,000 Equipment -cost 15,000 Equipment - depreciation at 1 July 2012 5,0 Trade receivables and payables 95,000 82,000 Loan 10,000 Loan repayments 6,400 Bank deposit account 15,000 Bank current account 26,500 1,000 817,750 817.750 The following additional information at 30 June 2013 is available: () Inventory of building materials Rs.75,300 Inventory of packing materials Rs.700 There was also an unpaid invoice of Rs. 200 for packing materials received and consumed during the year (ID ) Prepayments: rent, rates and insurance Rs.450 Accrued expenses: heat and light Rs.400 telephone Rs.500 (iv) Wages include Rs.23,800 cash withdrawn by Stewart. (v) Trade receivables have been analysed as follows: Rs Current month 60,000 30 to 60 days 20.000 60 to 90 days 12,000 over 90 days 3,000 Allowance is to be made for doubtful debts as follows: 30 to 60 days 1% 60 to 90 days 2.5% over 90 days 5% (after writing off Rs.600) (vi) Sundry expenses includes Rs. 3,500 for Stewart's personal tax bill. (vii) The loan was taken out some years ago, the final payment is due on 31 March 2014. The figure shown in the trial balance for "loan repayments includes interest of Rs 800 for the year. (vii) The bank deposit account was opened on 1 January 2013 as a short-term investment, interest is credited at 31 December annually, the average rate of interest since opening the account has been 6% per annum. (lx) At 1 July 2012, Stewart decided to bring one of his family cars, valued at Rs.8,000, into the business. No entries have been made in the business books for its introduction (x) Depreciation is to be provided as follows: 20% on cost for delivery vehicles 25% on the reducing balance for the car 25% on the reducing balance for the equipment Required: (a) Prepare a statement of comprehensive income for the year ended 30 June 2013 (b) Prepare a statement of financial position at 30 June 2013