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Trial balance of Billy Joel as at 31 December 2019 $ $ Sales 119,317 Accounts receivables 11,257 Accounts payable 7,983 Office equipment Cost 10,000 Acc. Depreciation at 1 January 2019 1,550 Vehicles Cost 3,500 Acc. Depreciation at 1 January 2019 700 Purchases 62,824 Inventories at 1 January 2019 5,544 Carriage on purchases 908 Carriage on sales 272 Vehicle expenses 1,349 Electricity 1,803 Wages and salaries 11,550 Rent expense 8,800 Stationery and postages 2,681 Bank 14,797 Discount allowed 5,652 Discount received 3,765 Tax payable 1,778 Capital at 1 January 2019 4,300 Drawings 15,000 Loan 16,000 Total 155 665 155 665 Following the extraction of the above trial balance from the ledgers and an examination of the accounting records, the following additional information was obtained: 1. The value of the inventories on hand at 31 December 2019 was $5,700. 2. The bank deposit was made on 1 July 2019. This account earns interest at 8 per cent per annum. The balance shown in the ledgers isthe only deposit made into this account. Interest is credited on1 July annually. 3. Bank charges accrued to 31 December 2019are estimated to be $60. 4. Vehicle expenses include annual vehiclelicence tax of $120 per annum for a vehicle,which expires on 31 March 2020and vehicle insurance of $360 per annum which was paid on 1 July 2020. 5. There is one employee whose gross wage is $1,050 per month.The wage for December 2013 has not yet been entered in the ledgers 6. The balance of the rent and local business tax accountincludes a payment of rent for the 3 months to 1 January 2020 of $1,200 and a payment of local business tax for the 6 months to 30 April 2020 of $4,000. 7. Following a review of receivables at the year end, it is decided that a bad debt of $1,207 should be written off, and an allowance for receivables made, of 2 per cent of outstanding receivables. 8. Office equipment is carried at historical cost model and is to be depreciated at 10 per cent per annum on cost straight line with no residual value. 9. Motor vehicle is also carried at historical cost model and areto be depreciated at 20% per annum for 4 years on the reducing balance method. 10. An identical motor vehicle as being sold new at 31 December 2019 for $3 000 11. Loan interest of 10 per cent per annum is to be accrued. Requirement Using the above information, prepare the statement of profit and loss of Billy Joel for the period ended 31 December 2019 together with his statement of fnancial position at that date