2:21 FIN3253_EQP 052022.pdf COURSE CODE COURSE NAME EXAM DIET (MONTHE YEAR) The following balances were extracted from the books of Turkey for the year ended 31 December 2020: Debit Credit RM RM Office equipment at cost 56,800 Motor vehicle at cost 76,400 Fixtures and fittings at cost 30,000 Accumulated depreciation on 1 Jan 2020 -Office equipment -Motor vehicles - Fixture and fittings Provision for doubtful debts Purchases and sales 525,320 Sales returns and purchase returns 490 Insurance 4,700 Discount allowed and discount 375 received Bad debes 2,970 General expenses 32,676 Salaries and wages 52,480 Inventory on 1 Jan 2020 55,290 Accounts receivable and accounts 62,460 42,191 payable Bank overdraft 14,280 Cash 2,172 Drawings 30,000 40,000 Long-term loan at 10% p.a. repayable in 2025 Capital 97,060 932,133 932,133 The following information was available on 31 December 2020: i. Inventory valued at cost was RM48,750. 7 COURSE CODE/COURSE NAME EXAM DIET (MONTIV YEAR) ii. Wages outstanding amounted to RM636. iii. Insurance prepaid was RM700. iv. Interest on loan has not been paid for the year. v. Depreciation was to be provided: Office equipment 20% on cost Motor vehicles 25% on cost Fixtures and fittings 12.5% on cost vi. The provision for doubtful debts should be adjusted to 5% of debtors at year- end. a, Prepare the statement of profit or loss and statement of financial position for Turnkey for the year ended 31 December 2020. (30 marks) --END OF QUESTION PAPER--- QUESTION 16,400 17,600 10,000 2,600 690,234 1,260 ((. 508