Scot and Joplin are in partnership. They share profits in the ratio: Scot 70 per cent; Joplin 30 per cent. The following trial balance was extracted as at 31 December 2020:

The following notes are applicable at 31 December 2020:

(a) Inventory, 31 December 2020 £41,312.

(b) Office expenses owing £240.

(c) Provide for depreciation: motor 25 per cent of cost, office equipment 20 per cent of cost.

(d) Charge interest on capitals at 5 per cent.

(e) Charge interest on drawings: Scot £300; Joplin £200.
Required:
Draw up a set of financial statements for the year ending 31 December 2020 for the partnership.

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Office equipment at cost Motor vehicles at cost Accumulated depreciation at 31.12.2019: Motor vehicles Office equipment Inventory at 31 December 2019 Trade receivables and trade payables Cash at bank Cash in hand Sales Purchases Salaries Office expenses Electricity, gas & water Current accounts at 31.12.2019 Scot Joplin Capital accounts: Scot Joplin Drawings: Scot Joplin Dr 9,200 21,400 38,410 41,940 2,118 317 136,680 27,400 2,130 312 Cr 12,800 3,600 32,216 180,400 7,382 7,009 50,000 20,000 17,500 16,000 313,407 313,407