2 The following trial balance has been extracted from the books of Golden Air Enterprise, a business owned by Encik Adam Mubin, a sole trader. Golden Air Enterprise Trial Balance as at 31 December 2021 Debit Credit (RM) (RM) Motor vehicle at cost 23,300 Furniture and fittings at cost 25,500 Capital as at 1 January 2021 92,380 Inventories as at 1 January 2021 20,570 Purchases and sales 68,700 104,100 Retum inwards and return outward 1,100 950 Drawing 2,100 Discount allowed and discount received 500 400 Salaries and wages 13,950 Cash at bank 27,200 Cash in hand 5,700 Electricity and water expense 1,770 5% RHB Bank loan 50,000 Commission received 5,500 10% fixed deposit 25,000 Accumulated depreciation - Motor vehicle 2,330 Accumulated depreciation - Fumiture and fittings 13,200 Accounts receivable and accounts payable 75,370 26,500 Rent expense 3,000 Carriage inward 600 Carriage outward 3,500 Allowance for doubtful debt as at 1 January 2021 2,500 297,860 297,860 Additional information: 1. Inventories as at 31 December 2021 was valued at RM15,000. 2. 3. One of the accounts receivable owing an amount of RM1,000 was declared bankrupt and the amount has to be written off as bad debt. Depreciation for the year is to be provided as follows: Motor vehicle Furniture and fitting 10% on carrying value, yearly basis 10% on cost, yearly basis 4. Rent expenses valued at RM2,000 was paid in advance. 5. Accrued electricity and water was RM500 as at 31 December 2021. 6. Allowance for doubtful debt was to be increased to RM7,437. 7. Loan was taken on 1 July 2021 and the interest on loan has yet to be paid. 8. The owner has withdrawn RM800 cash and took goods worth RM1,200 for personal use. Required: a. Prepare a Statement of Profit or Loss for the year ended 31 December 2021. (14 marks) b. Prepare a Statement of Financial Position as at 31 December 2021. (11 marks) (Total: 25 marks)