2,000 The Trail Balance of Seico, a sole proprietor, for the year ended 31 December 2020 was as follows: Capital 100,000 Plant and equipment 105,000 Trade debtors 15,000 Trade creditors 3,000 Inventories @1 Jan 2020 10,000 Cash at Bank 3,400 Sales 150,000 Drawings 35,000 Provision for Doubtful Debts Bank Loan due 2025 20,000 Purchase 40,000 Selling & Distribution expenses 50,000 Admin expenses 15,000 Interest 1,600 275.000 275,000 The following final adjustments are required: 1. Inventories at 31 December 2020 were valued at $12,000 II. Selling and distribution expenses of $4,000 are to be accrued III. Administration expenses of $6,000 were prepaid IV. The Provision for Doubtful Debts is to be adjusted to 5% of trade debtors V. $15,000 worth of Plant and Equipment is to be adjusted for obsolescence. Prepare the Trading, Profit & loss Account for the year ended 31 December 2020 and the Balance Sheet as at that date.n