Questions and Instructions are in the picture. Thank you.

1. Following is the balance of the account for Mr Jack as at 31 Dec 2020 : $ Inventory 1 January 2020 8 250 Accounts Receivable 22 000 Accounts Payable 10 470 Bank 28 000 Land & Building 56 000 Vehicle 48 000 Rental Income 29 600 Carriage Inwards 1 600 Carriage Outwards 2 400 Postage 1 300 Return Inwards 460 Return Outwards 700 Purchase 30 000 Sales 93 300 Advertising 4 400 Utilities 1 160 Discount Received 1 600 Insurance 720 Discount Allowed 1 020 Commission Received 4 600 Stationery 300 Interest Payable 1 260 Loan 18 000 Drawing 6 400 Salary 10 000 Capital 65 000 You are required to prepare : a) Statement of Profit or Loss for the year end 31 December 2020. b) Statement of Financial Position as at 31 December 2020. Additional Information : (i) Inventory at 31 December 2020 being valued at $ 11 000