The following trial balance has been extracted by the book-keeper of Saif, who sells Omani Halwa, as at 31 December 2019

Particulars	Debit	Credit
	$	$
Debtors	39,800
Creditors		30,640
Discount Received		4,280
Bank	12,040
Capital		49,500
Purchases and Sales	188,136	292,920
Returns	3,300	5700
Stock at 1 January 2019	32,020
Wages and salaries	37,030
Rent and rates	11,200
Motor Vehicles	20,000
Provision for depreciation on motor vehicles		4,000
Machinery	10,000
Provision for depreciation on Machinery		1,000
Office expenses	5,424
Motor expenses	3,468
Drawings	25,622
	388,040	388,040

You are given the following additional information:

i. The Closing Stock was valued at $36,000

ii. A provision for doubtful debts of 5% on debtors is to be created.

iii. Depreciation to be provided as follows:

Motor Vehicles to be depreciated at 20% per annum

Machinery to be depreciated at 10% per annum

iv. Accrued Office expenses were $540,

v. Prepaid Rent amounted to $1,290

You are to prepare Saif's Statement of Profit or Loss for the year ended 31 December 2019.