Kelly is a trader. Her financial year ends on 31st March. The balances remaining on her books on 31st March 2017 after calculating gross profit for the year included the following:   $ Gross profit 39 100 Capital 50 000 Drawings 2 340 Wages 18 650 Office expenses 4 470 Motor expenses 1 570 Discount allowed 250 Rent 9 600 Insurance 2 400 Carriage outwards 1 160 Advertising cost 3 110 Discount received 3 000   Prepare Kelly’s Income statement starting with gross profit and calculate the profit or loss for the year ended 31st March 2017.

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