6 Question 4 The Trial Balance of Sunbright Enterprise, a sole proprietorship on 31 December 2021 is as follows: Trial Balance as at 31 December 2021 Debit RM 486,000 2,780 Credit RM 780,000 3,200 23,500 43,800 2,700 65,000 9.750 Sales and purchases Return inwards Return outwards Inventory as at 1 January 2021 Salaries Telephone expenses Equipment at cost Accumulated depreciation - equipment Motor vehicles at cost Trade receivables Rental Trade payables Bad debts Carriage inwards Import duties Discounts Capital Cash in hand Bank Drawings 120,000 43,200 28,000 41,180 870 320 1,020 570 630 150,000 54,200 110,000 2,800 984,760 984,760 You are given the following additional information: 1. Inventory in hand on 31 December 2021 was RM25,000 2. The salaries amounted to RM5,000 are still unpaid. 3. The rental deposit of the new branch for January and February next year amounted to RM20,000 has been paid in advance. 4. The depreciation for motor vehicles is calculated based on 20% using the straight-line method while the equipment is depreciated based on 15% using the reducing balance method (Note: For the depreciation, please round up your answer to the nearest Integer number). 7 Required: a) Prepare the Statement of Comprehensive Income (Income Statement) for Sunbright Enterprise for the year ended 31 December 2020. (20 marks) b) Draw up the Statement of Financial Position (Balance Sheet) as at 31 December 2020 for ) Sunbright Enterprise (17 marks) (Total: 37 Marks) )