The following items are from the trial balance of Rice a retail trader in Paris sub-county as at 31 December 2020.

	$000	$000
Inventory 1 January 2020	391,440
Purchases and sales	2,671,220	6,741,000
Carriage inwards	80,010
Carriage outwards	99,225
Drawings	9,745
Sales and purchases returns	446,250	346,250
Discount received and discount allowed	25,000	36,000
Trade receivables and payables	636,000	200,000
Cleaning expenses	60,000
Repairs and Maintenance	45,000
Sundry operating expenses	762,000
Wages and salaries	1,388,400
Opening allowance for doubtful debts		36,400
Bad debts written off during the year	29,360
Rent paid	35,,000
Office equipment at cost& accumulated depreciation	600,000	177,400
Proceeds from sale of office equipment		25,200
Office equipment additions during the year	96,000
Property rates paid	16,000
Land at cost	1,491,600
Capital		1,320,000
	8,882,250	8,882,250

Additional information

1. Closing inventory amounted to $ 225,300,000
2. During the year, equipment which had cost $ 80,000,000 with accumulated depreciation of UShs56,000,000, was sold for $ 30,000,000
3. Prepayments and accruals:

	Prepayments UShs000	Accruals Ushs000
Carriage inwards	5,000
Carriage outwards		3,500
Wages and salaries	2,500	12,000
Sundry operating expenses	5,600	22,100
Rates for property		7,000

4. Further bad debts totaling $9 million are to be written off and the closing allowance for doubtful debts is to be equal to 10% of the final trade receivable figure.
5. Office equipment is depreciated at 20% per annum on straight- line basis, with a full years charge in the year of acquisition and none in the year of sale.

Required:

Prepare Rices statement of profit or loss and other comprehensive income for the year ended 31 December 2020 and the statement of financial position as at that date.