750 350 Question 1 The trial balance below was extracted from the books of Ceria Enterprise as at 31 December 2020: RM RM Capital 10,100 Sales 11,000 Insurance expenses 1,100 Utility expenses 1,000 Discount received 400 Interest received 800 Trade receivable Provision for doubtful debt Purchases 9,750 Drawings 550 Beginning inventory 3,000 Motor vehicle 8,000 Accumulated depreciation -motor vehicle 1,600 Return inwards and return outwards 500 400 24,650 24,650 Additional information: 1) Closing inventory at 31 December 2020 is RM 6,000 2) Accrued insurance expenses is RM100. 3) Accrued discount received is RM50. 4) Prepaid utility expense is RM200. 5) Prepaid interest received is RM300. 6) Provision for doubtful debt is to be adjusted to RM400. 7) Depreciate motor vehicle at 10% per annum using straight line method. 8) Drawings of goods RM500. Required: a) Prepare a statement of Profit or Loss for the year ended 31 December 2020. (20 marks)