Tom, Jerry and Donald operate the Painting Shop sharing profits in the ratio 2:1:1, respectively. On December 31, 2020 the following trial balance was extracted from the ledger of the Painting Shop as follows: Q.1 TOM, JERRY AND DONALD TRIAL BALANCE AS AT 31 DECEMBER 2020 000 Dr 000 Cr 20,000 10,000 10,000 8,000 4,000 6.000 3,000 2.500 3,500 80,000 Capital: Tom Jerry Donald Current account: Tom Jerry Donald Drawings: Tom Jerry Donald Purchases Purchases returns Sales Discount received Leasehold premises, at cost Office furniture, at cost Accumulated depreciation (as at 1 January 2020) Leasehold premises Office furniture Salaries Advertising Light&Heat Inventory (as at 1 January 2020) Sales returns Insurance Discount allowed Trade Receivables Cash in hand Cash at bank 5,000 305,000 10,000 100,000 92,500 5.000 500 8,000 2,000 500 15,000 5.000 3,000 10,000 20,000 25,500 5,000 379,500 379,500 The following additional information as at 31 December 2020 is available: 1. Inventory at 31 December 2020 was valued at 10,000. 2. Partners are to receive 5% interest on their capital. 3. Interest on drawings is to be charged at 5%. 4. Jerry and Donald are to receive salaries of 1,000 each. 5. There was an amount of 3,500 outstanding for salaries at December 31, 2020. 6. 4,000 was due but unpaid for carriage outwards. 7. Insurance paid in advance amounted to 1,000. 8. The allowance of doubful debts is to be adjusted so that it is 2% of trade receivables. 9. Depreciation is to be charged as follows: * Leasehold premises: 10% per annum using the straight line method. * Office furniture: 10% per annum using the reducing balance method.. Required: (1) Prepare Statement of Trading and Profit or Loss, Statement of Profit and Loss Appropriation Account, and Statement of Current Account for the year ended 31 December 2020 (2) Prepare Statement of financial position as at that date