1 Ivor Innes has supplied you with the following information: 1 April XXXXXXXXXXMarch 2008 £ £ Cash 840 700 Fixtures 7,600 7,600 Balance at bank 5,500 8,320 Stock 17,800 19,000 Debtors 8,360 4,640...

1

Ivor Innes has supplied you with the following information:

1 April 2007 31 March 2008

£ £

Cash 840 700

Fixtures 7,600 7,600

Balance at bank 5,500 8,320

Stock 17,800 19,000

Debtors 8,360 4,640

Creditors 5,200 8,800

During the year to 31 March 2008, Ivor withdrew £11,400 from the business for private purposes. In

November 2008, Ivor received a legacy of £18,000 which he paid into the business bank account.

Ivor agrees that £600 should be provided for depreciation of fixtures and £200 for doubtful

debts.

Required:

Prepare a balance sheet as at 31 March 2008 which clearly indicates the net profit for the year.