(3) (5) Trade payables Bank charges Rent (6) Returns inwards. Returns outwards Salaries Wages Travelling expenses Carriage inwards Trade discounts allowed Trade discounts received General expenses Gas, electricity and water Carriage outwards Travellers' salaries and commission Printing and stationery 120 2,000 186 3,500 8,250 1,040 Plant and equipment by 10% per annum Furniture and fittings by 5% per annum 156 48 2,056 2,560 546 5,480 640 160,264 10,056 The following matters should be taken into account: (1) Inventory at 31 December 2020 was $7,550. (2) Federov's son works in the business, receiving an annual salary of $500, which had been included in the drawings. Interest on the loan at 5% per annum had not been paid at 31 December 2020. 135 138 160,264 Rent includes $250 for premises paid in advance for the half year to 31 March 2021. Depreciation is to be charged at the following rates on the reducing balance basis: The loss allowance for receivables is to be maintained at 3% of trade account receivable balances. Required: Prepare the statement of profit or loss for the year ended 31 December 2020 and the statement of financial position at that date.