Additional information:

(i) A physical count of inventory was conducted on the last day and it was valued at RM39,000 at cost and RM39,111 at Net realizable value.

(ii) All office supplies have been consumed by 30 June 2020.

(iii) The prepaid insurance account was valid from 1 July 2019 to 31 December 2020.

(iv) The depreciation charges for the delivery van was RM1,500 and for the building was RM2,000 for the financial year.

(v) The allowance for doubtful debts was required to increase to RM1,600.

(vi) Received a bank loan of RM100,000 on 30 June 2020 but the credit entry was wrongly made in the capital account.

(vii) The electricity & fuel expenses of RM1,210 for June 2020 were due but unpaid.

REQUIRED to prepare:

(a) A detailed Income Statement for the year ended 30 June 2020;

(b) A Statement of Owners Equity for the year ended 30 June 2020; and [#The capital account balance at 1 July 2019 has to be determined.]

(c) A detailed Balance Sheet as at 30 June 2020.

Ai-Smiles Trading (Registration No. L1-BKS3-01) is a merchandising business that commenced business in 2009. The following list of balances were extracted from its general ledger on 30 June 2020, which is its financial year end. (Ignore Sales & Services Tax.) Credit RM Accounts receivable Delivery Van at cost Discount allowed Drawings Electricity & fuel expenses Employee training expense General expenses Inventory at 1 July 2019 Land and building at cost Office equipment rental expense Office supplies at 1 July 2019 Office supplies purchase Petty cash fund Prepaid insurance Purchases Rental expense Sales returns Telco expense Transport on purchases Transport on sales Vehicle running expenses Wages and salaries expense Accounts payable Accumulated depreciation on building at 1 July 2019 Accumulated depreciation on delivery van at 1 July 2019 Allowance for doubtful debts at 1 July 2019 Bad debts recovered Bank overdraft Capital at 1 July 2019 Discount received Purchases returns Sales revenue Total Debit RM 32.650 12,000 2,090 18,000 4,440 2.020 1.270 31,000 100,000 3,690 530 5.100 300 3,600 185,780 7.500 4,050 8,910 400 780 6,390 38,750 13,770 10,000 6,000 1.400 3,030 15,360 ?? 1,050 1.940 289,800 469,250 469,250