Wayne and Tammi are partners in The Ivy Arrow. The firm has supplied the following details as of December 31, 2017

DETAILS	DR	CR
Sales		570,000
Wages and Salaries	68,000
Discount Allowed	6,200
Loan Interest	15,000
Creditors		61,315
Return Outwards		8,500
Rent Received		14,000
Purchases	310,200
Debtors	54,350
Provision for Bad Debts		3,200
Telephone Charges	12,000
Bank		79,300
Cash	18,200
Land and Building	220,000
Provision for Depreciation on Building		45,000
Motor Vehicle	290,000
Provision for Depreciation on Motor Vehicle		24,000
Machinery and Equipment	132,000
Provision for Depreciation on Machinery & Equipment		13,200
Capital Wayne		100,000
Capital Tammi		150,000
Current Account Wayne		30,000
Current Accounts Tammi	60,000
Drawings Wayne	20,000
Drawings Tammi	80000
10% Loan		270,000
Building Repairs	39,815
Commission Received		50,000
Opening Stock	34,600
Insurance	21,500
Office Supplies	36,650
	1,418,515	1,418,515

Additional information at the end of the year

1. Stock at the end of the year was valued at $64,000
2. Insurance is owing by $1500
3. Wages and salaries are owing by $2,000
4. Telephone charges are owing by $1,000
5. The commission is prepaid by $3,000
6. The provision for bad debts is to be adjusted to 10% of the debtors
7. Depreciation is to be charged as follows

Land and building	10%	Reducing Balance
Motor Vehicle	10%	Straight Line
Equipment	10%	Reducing Balance

Details of the partnership agreement included the following

• Interest on drawings is to be calculated at 10%
• Interest on capital is to be paid at 10%
• Wayne is to be paid a salary of $20,000
• The partners are to share profits in the same ratio as their capital

Required: Prepare the following for the year 2020 :

1. The Statement of Profit and Loss and Appropriation Account
2. The Partners Current Account
3. The Statement of Financial Position