(a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Budi Enterprise for the year ended 31 December 2019.

(b) Prepare the Statement of Financial Position of Budi Enterprise as at 31 December 2019.

BKAL1013 Business Accounting QUESTION 2 (20 MARKS) Budi Enterprise is a private investigation business owned by Mr. Budiman. The business is in operation since the last six years, but all accounts and nancial statements have been prepared by an external accounting rm. It is your responsibility as a new manager with accounting background to prepare the accounts and nancial statements to reduce the business's cost. It is normal practice for the business where some clients are pay in advance for the company's services, while other clients make payments after the services have been rendered. Advanced payments from clients are credited to the Unearned Fees account. The balances of the accounts appear in the ledger of Budi Enterprise as at 31 December 2019 are as follows: Accounts (RM) Cash 8,640 Accounts Receivables 2,650 Supplies 5,350 Prepaid Insurance 2,890 Motor Vehicles 45 ,000 Accumulated Depreciation Motor Vehicles 27,000 Building 120,500 Accumulated Depreciation Building 43,380 Accounts Payables 14,990 Unearned Fees 24,000 Wages Payables 1,760 Capital, Budiman 58,000 Drawings, Budiman 8,320 Revenue 46,480 Wages Expense 20,180 Insurance Expense 2,080 The following transactions are related to year-end adjustments: 1. The amount of insurance premiums expired during the year are RM1,240. 2. The estimated useful life for motor vehicles and buildings are 5 years and 10 years respectively. The scrap value for buildings is 10% of the original cost and there is no scrap value for motor vehicles. Budi Enterprise uses straight-line method to depreciate its xed assets. 3. Wages accrued on December 31 are RM2,840. 4. Supplies on hand at December 31 are RM560. 5. Fees earned but unbilled on December 31 is RM7,500. 6. Unearned fees of RM20,000 is earned at 31 December 2019. BKAL1013 Business Accounting REQUIRED: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Budi Enterprise for the year ended 31 December 2019 (8 Marks) (b) Prepare the Statement of Financial Position of Budi Enterprise as at 31 December 2019. (12 Marks) W