Bank overdraft 1,164,800 Cash in hand  CA 49,140 Drawings 1,456,000 Furniture and fittings 1,176,000 Office equipment   1,848,000 Provision for depreciation as at 1 April 2018:   Furniture and fittings  235,200 Office equipment 462,000 Bad debts 36,400 Advertising 520,520 15% loan 1,400,000 Purchases 14,133,280 Sales 27,385,400 Interest expense E 157,500 Returns inwards 218,400 Office expenses  E 760,760 Delivery expenses  E 1,164,800 Wages and salaries  E 8,010,520 Inventories as at 1 April 2018 3,657,080 Receivables 1,419,600 Payables 1,160,600 Capital ?         Additional information: 1

Bank overdraft 1,164,800 Cash in hand  CA 49,140 Drawings 1,456,000 Furniture and fittings 1,176,000

Office equipment  

1,848,000

Provision for depreciation as at 1 April 2018:

Furniture and fittings 

235,200

Office equipment

462,000

Bad debts

36,400

Advertising

520,520

15% loan

1,400,000

Purchases

14,133,280

Sales

27,385,400

Interest expense E

157,500

Returns inwards

218,400

Office expenses  E

760,760

Delivery expenses  E

1,164,800

Wages and salaries  E

8,010,520

Inventories as at 1 April 2018

3,657,080

Receivables

1,419,600

Payables

1,160,600

Capital

?

Additional information:

1. Inventories as at 31 March 2019 was valued at Sh.4,360,720.

2. Accrued wages as at 31 March 2019 amounted to Sh.251,160.

3. Receivables include an amount of Sh.39,200 which was not expected to be recovered.

4. Interest on loan is paid on a quarterly basis. Interest in respect of the quarter ended 31 March 2019 is outstanding.

5. Bob withdrew goods for his personal use amounting to Sh.252,000.

6. Depreciation is to be provided on the reducing balance basis as follows:

-  Furniture and fittings - 20% per annum

-  Office equipment - 25% per annum

7. Included in wages and salaries is Sh.75,600 paid to employees for repairing the roof of Bob's private residence.

Required:

Income statement for the year ended 31 March 2019.