2. 3. 4. 5. On 31st December 2023 there is assessment rate accrued of RM530 and insurance was paid in advance amounting to RM250. Inventories on 31st December 2023 were valued at RM3,690. The commission received of RM1,000 is still accrued. Depreciation expenses for plant and machinery were RM5,000 per year and RM RM2,250 for motor vehicles. Required: a) Prepare a Statement of Profit or Loss for the year ended 31 December 2023. b) Prepare a Statement of Financial Position as at 31 December 2023. (18 marks) Question 1 Mr. Bersih Enterprise is one of the best laundry service providers in Klang Valley. The following are balances extracted from the book of Mr. Bersih on 31st December 2023. Debit (RM) Credit (RM) Capital as at 1st Jan 2023 70,000 Inventory as at 1st Jan 2023 20,000 Purchase of laundry supplies 25,650 Drawing 950 Service revenues 194,290 Return inwards/ Return outwards 5,260 3,500 Carriage inwards 4,500 Carriage outwards 800 Discount allowed 1,480 Discount Trade receivables Trade payables Commission Insurance Wages Stationaries Assessment rate 4,500 25,000 16,450 6,700 3,600 60,000 1,000 1,200 Mortgage loan 75,000 Cash 1,500 Bank 10,500 Plant and machinery at cost 150,000 Accumulated depreciation - plant and machinery 10,000 Motor vehicles at cost 45,000 Accumulated depreciation - motor vehicles 4,500 Goodwill 15,000 Provision for doubtful debts 1,500 Investment 15,000 Total 386,440 386,440 Additional information 1. The provision for doubtful debts is to be adjusted at 5% of trade receivables.