1. 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 5:3:2 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		48,000
Unearned Fees		62,000
Loan		50,000
Dev, Capital January 01, 2021		1,000,000
Haniff, Capital January 01, 2021		500,000
Vaughn, Capital January 01, 2021		500,000
Dev, Drawings	96,000

Haniff, Drawings	144,000
Vaughn, Drawings	120,000
Legal Fees earned		4,838,000
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.

4. 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.

6. Interest of $5,000 is payable on the loan of $50,000 received on July 1, 2021 for a period of one year.

7. Office supplies on hand at December 31, 2021 were $15,100.

Question : Can you provide and updated Trial Balance & Profit & Loss Statement with this information ?