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The following trial balance was extracted from the books of Osei and Yeboah as at 3 1 / 1 2 2 0 2 0

The following trial balance was extracted from the books of Osei and Yeboah as at 31/122020
\table[[Debit,Credit],[GH,GH]]
Capital Accounts:
Osei
Yeboah
10,000
6,000
Cash Drawings:
Osei
1,600
Yeboah
1,200
Freehold land and buildings as at 1 Jan 2020
10,200
Motor vehicle at 1 Jan 2020
2,520
Purchases
51,400
Sales
77220
77,220
Debtors
7,920
Creditors
7,340
Wages & Salaries
8,280
Mot. Vehicle running expense
2,960
Rates and insurance
1,928
General trade expenses
3,988
Cash at bank
1,400
Cash in hand
164
Provision for bad & doubtful debt
20
Stock of goods for resale at 11?2020
0
7.200
100,760?
100,760?
Additional information
In addition to the above, the following information are given
(a) Stocks in trade at 31 Dec. 2020GHc8,200
(b) Provision is to be made for depreciation at the following rates
Motor vehicles -25% per annum
Freehold land and buildings -2% per annum
Reduce provision for bad and doubtful debts to GHC 150
(c) Interest is to be allowed at 8% per annum on partners' capital
(d) Interest is to be charged on partners drawings at 10% per annum
(e) Osei and Yeboah to share the residue of profits equally
Required to prepare:
a). The Income Statement of the firm for the year ended 31st December, 2020
b). The Profit and Loss appropriation account for the vear ended 31st December. 2020
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