Additional information:

a. Stock in trade on 31 October 2020 was RM7,500.

b. Muiz had taken RM4,000 goods for his personal use. No entry has yet been made.

c. Insurance prepaid at 31 October 2020 was RM 100.

d. Electricity expenses accrued on 31 October 2020 were RM100.

e. Allowance for Doubtful Debts at 31 October 2020 is to be calculated at a rate of 5% per annum.

f. Part of the interest on the bank loan was due and not paid. (The loan was taken on 1 November 2019)

g. Half-yearly interest on Fixed Deposit has not been received until 31 October 2020.

h. Depredation was to be provided as follows:

Motor Vehicles 15% per annum using Reducing Balance Method (yearly basis)

Equipment 20% per annum using Straight-line Method (yearly basis)

Required: You are required to prepare the Trading and Profit and Loss Account for the year ended 31 October 2020 and Statement of Financial Position as of that date using the vertical format. (Calculate to the nearest Ringgit).

Particulars Sales Capital Drawing Purchases Account Receivable Account Payable Return Inward Return Outward Rent received Electricity Expenses Carriage inward Carriage Outward Salaries Advertisement Interest Expense - bank Loan Bank Loan (14% per annum) Duties on purchases Insurance Stocks - 1 Nov 2019 Motor vehicles. Equipment Discount allowed Discount received Stationary Allowance for doubtful debt Accumulated Depreciation on Motor vehicles Cash in Hand Cash in Bank Fixed Deposit (10%) Interest received Trial Balance Dt Cr 70,600 61,645 1,020 36,000 22,000 18,000 700 700 2,400 650 150 250 7,500 8,000 1,400 50,000 500 460 7,000 17,000 18,000 750 560 150 700 1,700 2,375 25,400 60,000 3,000 209,305 209,305