Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Pula Pula Capital accounts: Lorato 100,000 Loago 50,000 Current accounts: Lorato 2,000 Loago 600 Cash drawings for the year: Lorato 15,000 Loago 10,000 Freehold premises at cost 50,000 Inventory at 1 January 2021 75,000 Fixtures and Fittings at cost 15,000 Purchases and purchase returns 380,000 12,000 Bank 31,600 Sales and sales Returns 6,000 508,000 Accounts receivables and accounts payables 52,400 33,300 Carriage inwards 21,500 Carriage outwards 3,000 Staff salaries 42,000 VAT 8,700 Office expenses 7,500 Provision for doubtful debts 2,000 Advertising 5,000 Discounts received 1,000 Discounts Allowed 1,200 Bad debts 1,400 Rent and business rates 2,800 Accumulated provision for depreciation of  fixtures and fittings 3,000 720,000 720,000 At 31 December 2021: a. Inventory on hand was valued at P68, 000 b. Purchase invoices amounting to P3, 000 for goods included in the stock valuation  at (a) above had not been recorded. c. Staff salaries owing P900. DIPLOMA Assignment  January - June BPA612 Principles of Accounting ©BOU 2024 Page 7 of 9 d. Business rates paid in advance P200. e. Provision for doubtful debts to be increased to P2, 400. f. Goods withdrawn by partners for private use had not been recorded and were  valued at: Sage P500, Onion P630. No interest is to be charged on these amounts. g. Provision is to be made for depreciation of fixtures and fittings at 10% on cost. h. Interest on drawings for the year is to be charged: Sage P360, Onion P280