General Green Productions Ltd has an authorized share of 3,000,000 $1 ordinary shares. On December 31, 2016 the following Trial Balance was extracted from the companys books: Trial Balance Details/Accounts Dr $ Dr $ Leasehold land and buildings 4,000,000 Provision for depreciation 500,000 Sales 18,000,000 Debtors 3,000,000 Selling expenses 1,500,000 Motor vehicles 6,000,000 Accumulated depreciation 1,000,000 Cash and bank 4,500,000 Purchases 4,300,000 Ordinary shares fully paid up 2,400,000 Other reserves 5,200,000 Inventory , January 1, 2016 1,100,000 Plant and machinery 8,000,000 Provision for depreciation 1,500,000 Wages 950,000 Creditors 2,000,000 Administrative expenses 550,000 Profit and loss account 3,200,000 Interim dividend paid 100,000 Provision for bad & doubtful debts ------------ 200,000 Total 34,000,000 34,000,000 Additional information: (i) Provision for bad and doubtful debts is to be adjusted to $300,000. (ii) Inventory on December 31, 2016 was $1,300,000. (iii) The directors have decided to transfer $2,000,000 to general reserve and have proposed a final dividend of 10%. (iv) An amount of $40,000 was pre-paid for insurance on December 31, 2016 while wages owed to an employee for December 2016 amounted to $50,000. (v) Provision is to be made for: (a) Legal fees $60,000. (b) Depreciation to be charged as follows: plant & machinery 10% reducing balance; motor vehicles 20% straight line; and leasehold land and buildings 5% on costs. Required: (a) Prepare a Trading and Profit and Loss Account for the period ending December 31, 2015. (not necessarily in a form for publication) (25 marks) (b) Prepare a Balance Sheet as at December 31, 2016. (16 marks) (c) Name the four (4) main principles that are to be considered in the preparation of financial statements. (4 marks)