From the following trial balance produce an income statement for the year ended 31 March 2020 and a balance sheet as at that date.

L Blackmore Trial balance as at 31 March 2020

£

£

Sales

75,543

Purchases

45,342

Opening inventory

5,341

Business premises

195,000

Fixtures and fittings

27,800

Trade receivables

8,768

Trade payables

10,641

Returns inwards

434

Returns outwards

991

Rent and insurance

6,451

Office expenses

4,990

Salaries

18,090

Heating and lighting

1,721

Loan repayable in 2025

165,000

Capital

95,000

Drawings

23,430

Bank

9,808

347175

347,175

As at 31 March 2020, inventory was valued at £6,101.