The following matiess have not been taken into account in the preparation of the above trial balance and must be incluced in the preparation of the financial statements. (a) The irventory held at 31at December 2020 has boen counted and valued at 18,000. hisi amount hes not wet hecr mecoded andwere in the accounts. Workings 'T Accounts PoL SffP The following matters have not been taken into account in the preparation of the above trial balance and must be included in flie preparation of the financial statements (a) The inventory heid at 3134 December 2020 has been counted and valued at 818,000 This armount has not yet been recorded anywhere in the accounts. (b) The 2020 interest charge for the loan has not been calculated or accounted for daring the year. (c). In the Distribution expenses, there is an amount of 83,750 which relates to an insurance policy. This policy covers the period 1st Nov 2020 to 31 ist October 2021 (d) John Watson has decided to write off an irrecoverable debt of 500 After this write off was completed, John Watson decided to adjust the Allowance for Doubtful Debts to 10% of the Trade Receivables balance after the write off: (e) Depreciation has not been accounted for in the current year. Vehicles are depreciated on a Reducing Balance method at a rate of 20% The Office Equipment is depreciated using the Straight Line method over. 3 years and has a residual value of L, 000 (f) The tax bill has been estimated for the year as 7,300 REQUIRED: a) Prepare a Profit or Loss account for the year to 31 December 2020