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The following is the trial balance of Jones Ltd, as at 31 December 2020. Buildings at Cost 920,000 Fixtures & Fittings at Cost 190,000 Plant and Machinery at Cost 845,000 Accumulated Depreciation 01/01/2020 Buildings 184,000 Fixtures & Fittings 90.819 Plant and Machinery 395,932 Inventory 01/01/2020 129,700 Trade Receivables 121,500 Trade Payables 245,800 Bank 219,990 Purchases 720,750 Sales 1.725,800 Sales Returns 2,000 Purchase Returns 4,150 Bad Debts 10.750 Provision for Bad Debts 10,150 Wages and Salaries 32,000 Light & Heat Expenses 61,500 Rent & Rates 140,000 Capital at 01/01/2020 796,539 Drawings 60,000 3,453,190 3,453,190 The following additional information has not been incorporated into the above figures: 1. The end of year stock-take (at 31 December 2020) valued inventory at 421,000. 2. Depreciation should be provided for as follows per annum: Buildings 4% straight line basis Fixtures & Fittings 15% reducing balance basis Plant and Machinery 10% reducing balance basis 3. Light and Heat - the November/December 2020 bill has not yet been received. The general winter usage cost is estimated at 5,000 per month. 4. Rent & Rates includes a payment of 40,000 for the period 1 November 2020 to 28 February 2021. 5. Longdone Ltd was a customer who went out of business resulting in a bad debt of 4,000, which was accounted for in January 2020. However, in early December they recommenced trading and advised that they will pay this debt in full over the coming weeks. 6. A bad debt provision of 4% of final trade receivables needs to be accounted for prior to the completion of financial statements Required: (a) Prepare the necessary journal entries to record the above adjustments (18 marks) (b) Prepare a Statement of Profit or Loss for Jones Ltd for the year ended 31.12.2020 and a Statement of Financial Position as at that date. Show all workings clearly, (22 marks)