Sara and Viraj are in partnership and own a wholesale business. At 1 January 2024, the partners had the following balances. Sara $ Viraj $ Capital 80000 112000 Current account 1840 debit 2730 credit During the year ended 31 December 2024, the following drawings had been recorded. Sara $ 22960 Viraj 18930 The following balances were also available at 31 December 2024. Bank overdraft $ 4970 Non-current assets at carrying amount 150 700 Inventory 18400 Other payables 410 Other receivables 300 Trade payables 16300 Trade receivables 19980 The draft profit for the year ended 31 December 2024 was $9400 before accounting for the following: 1 Wages, $850, were owing. 2 A credit customer, owing $1200, had gone out of business. The partners believe that 20% of the amount outstanding will be recovered, and the remaining 80% is to be written off. 3 The partners have decided to create an allowance for irrecoverable debts of 5% of trade receivables. 4 Viraj had taken goods for own use valued at cost, $550. 5 Viraj had provided a loan to the partnership on 1 May 2024 of $7200 at 8% interest per annum. The loan is repayable in full at the end of five years. Interest on the loan had not been accounted for. 6 Closing inventory had been understated by $3000. 7 Sara had introduced into the business a motor vehicle, valued at $20400, on 1 September 2024. Motor vehicles are depreciated by 20% per annum using the straight-line method on a month-by-month basis.