Can you prepare amd updated trial balance and a profit and loss statement?

2 Dev Persaud, Haniff Baksh and Vaughn Copeland graduated from Caribe Law School in the year 2009 and after ten years of legal practice as sole practitioners, they decided to form the law firm, Persaud, Baksh and Copeland. At the commencement of the partnership on January 1, 2021, Dev contributed cash of $1,000,000, Haniff introduced his law library at a value of $300,000 as well as $200,000 in cash and Vaughn brought in two cars, together valued at $250,000 and $250,000 in cash. The partners agreed as follows: 1. The partners would receive interest on their capital introduced at the rate of 10% per annum. 2 Haniff and Vaughn would each receive a salary of $240,000 for a year and Dev would not take a salary. 3. The remainder of the profit would be shared in the ratio 5:32 between Dev, Haniff and Vaughn respectively. The following trial balance was extracted from the records at December 31, 2021, after one year (12 months) of legal practice by the law firm Persad, Baksh & Copeland Trial Balance at December 31, 2021 Debit Credit $ $ Cash 1,825,700 Fixtures & Fittings 28,000 Accounts Receivable 126,400 Office Supplies 45,600 Motor Vehicles 250,000 Office Equipment 54,000 Law Library 300,000 Accounts Payable Unearned Fees Loan Dev, Capital January 01, 2021 Haniff, Capital January 01, 2021 Vaughn, Capital January 01, 2021 Dev, Drawings 96,000 48,000 62,000 50,000 1,000,000 500,000 500,000 3 144,000 Haniff, Drawings Vaughn, Drawings 120,000 Legal Fees earned Computer Service Expense 23,600 Salaries Expense 3,392,000 Utilities Expense 68,500 Insurance Expense 91,000 Office Expense 60,500 Rent Expense 360,000 Miscellaneous Expense 12,700 6,998,000 6,998,000 Additional Information: 1. The fixtures and fittings, office equipment and motor vehicles were acquired at the inception of the practice on January 1, 2021 for $28,000, $54,000 and $250,000 respectively. The fixtures and fittings, office equipment and motor vehicles are to be depreciated at a rate of 20% on the straight-line basis. 2 Salaries for the secretarial staff outstanding at the end of the year are $5,000. 3. The firm has earned fees of $110,000 which were not billed at December 31, 2021. There is a balance of $16,000 in the unearned fees account as at December 31, 2021. 5. The insurance expense included a payment of $63,000 made on July 1, 2021 for one year. Interest of $5,000 is payable on the loan of $50,000 received on July 1, 2021 for a period of one year. Office supplies on hand at December 31, 2021 were $15,100. 4,838,000 2 Dev Persaud, Haniff Baksh and Vaughn Copeland graduated from Caribe Law School in the year 2009 and after ten years of legal practice as sole practitioners, they decided to form the law firm, Persaud, Baksh and Copeland. At the commencement of the partnership on January 1, 2021, Dev contributed cash of $1,000,000, Haniff introduced his law library at a value of $300,000 as well as $200,000 in cash and Vaughn brought in two cars, together valued at $250,000 and $250,000 in cash. The partners agreed as follows: 1. The partners would receive interest on their capital introduced at the rate of 10% per annum. 2 Haniff and Vaughn would each receive a salary of $240,000 for a year and Dev would not take a salary. 3. The remainder of the profit would be shared in the ratio 5:32 between Dev, Haniff and Vaughn respectively. The following trial balance was extracted from the records at December 31, 2021, after one year (12 months) of legal practice by the law firm Persad, Baksh & Copeland Trial Balance at December 31, 2021 Debit Credit $ $ Cash 1,825,700 Fixtures & Fittings 28,000 Accounts Receivable 126,400 Office Supplies 45,600 Motor Vehicles 250,000 Office Equipment 54,000 Law Library 300,000 Accounts Payable Unearned Fees Loan Dev, Capital January 01, 2021 Haniff, Capital January 01, 2021 Vaughn, Capital January 01, 2021 Dev, Drawings 96,000 48,000 62,000 50,000 1,000,000 500,000 500,000 3 144,000 Haniff, Drawings Vaughn, Drawings 120,000 Legal Fees earned Computer Service Expense 23,600 Salaries Expense 3,392,000 Utilities Expense 68,500 Insurance Expense 91,000 Office Expense 60,500 Rent Expense 360,000 Miscellaneous Expense 12,700 6,998,000 6,998,000 Additional Information: 1. The fixtures and fittings, office equipment and motor vehicles were acquired at the inception of the practice on January 1, 2021 for $28,000, $54,000 and $250,000 respectively. The fixtures and fittings, office equipment and motor vehicles are to be depreciated at a rate of 20% on the straight-line basis. 2 Salaries for the secretarial staff outstanding at the end of the year are $5,000. 3. The firm has earned fees of $110,000 which were not billed at December 31, 2021. There is a balance of $16,000 in the unearned fees account as at December 31, 2021. 5. The insurance expense included a payment of $63,000 made on July 1, 2021 for one year. Interest of $5,000 is payable on the loan of $50,000 received on July 1, 2021 for a period of one year. Office supplies on hand at December 31, 2021 were $15,100. 4,838,000