1) Prepare the statement profit or loss for the year ended 31 December 2018

2)Prepare the financial position as that date.

The following is the trial balance of DRS Trading as at 31 al balance of DRS Trading as at 31 December 2018. Credit (RM) 16,500 34,000 246,290 DRS Trading Trial Balance as at 31 December 2018 Particulars Debit (RM) Cash at bank 18,750 Account Receivable 12,840 Inventory as at 1 January 2018 26,500 Motor vehicles 45,000 Freehold premises 215,000 Account payable 10% Mortgage on freehold premises Capital on 1 January 2018 Purchases 128,900 General expenses 70,300 Carriage outwards E 21,000 Drawings 7,400 Carriage inwards 600 Sales Returns inwards 1,000 Returns outwards Discount received Discount allowed 800 548,090 250,000 700 600 548,090 Inventory on hand as at 31 December 2018 was RM30,000. REQUIRED: a. Prepare the statement of profit or loss for the year ended 31 December 2018. (13 Marks) b. Prepare the statement of financial position as at that date. (12 Marks)