3 Impian Enterprise, an interior design shop business, owned by Alicia had a trial balance as 31 October 2019 as below: Debit (RM) Credit (RM) Capital 159,430 Motor Vehicle 20,000 Land and Buildings 84,000 Account Receivables and Account Payables 9,600 11,600 Bad Debts 700 Office Equipment 18,000 Inventory as at 1 November 2018 12,200 Loan from Bank Rakyat (8% p.a) 40,000 Purchases and Sales 25,600 57,900 Traveling Expenses 8,500 Return Inwards and Return Outwards 920 550 Carriage Inwards 1,260 Carriage Outwards 1,620 Salaries Expenses 7,200 6% Fixed Deposit 30,000 Cash at Bank 9,500 Commission Received 1,400 Discount Allowed and Discount Received 940 650 Interest on Fixed Deposit 900 Provision for Doubtful Debts 1,230 Long Term Investment 50,000 Insurance Expenses 800 Stationery Expenses Electricity Expenses Rental income Total 750 1,070 9,000 282,660 282,660 Additional information to be taken into consideration: i. Inventory as at 31 October 2019 was valued at RM14,700. ii. iv. Salaries expense was RM700 per month. The total amount of insurance expenses to be paid for the year ended 31 October 2019 was RM1,680. One quarter of the traveling expenses represented petrol expenses of Alicia's private car. v. Provision for doubtful debts is to be reduced to RM1,030. Loan from Bank Rakyat was taken on 1 June 2019. No interest payment has been made yet. vi. vii. viii. Debtors whose debts have been previously written off, repaid by check RM100. The following were outstanding as at 31 October 2019: Commission received RM1,000 Rental income RM1,500 ix. Depreciation charges on fixed assets as at 31 October 2019 were as follows: Motor vehicle Office equipment RM5,000 RM2,000 Required: a) Prepare the Statement of Profit or Lossfor the year ended 31 October 2019. b) Prepare the Statement of Financial Position as at 31 October 2019. (25 marks)