Additional Information:

(i) The inventory as at 30 June 2017 is valued at RM13,551.

(ii) Salaries for shoes designer amounting to RM1,800 are still unpaid.

(iii) Miss Rylai took a pair of shoes worth RM425 for her sister birthday gift.

(iv) Depreciation of motor vehicles was to be provided at 20% on cost and fixtures and fittings at 15% of its carrying value.

(v) Commission received in advance is RM450.

(vi) RM500 of amount due from customer was written off as bad debt and provision for doubtful debt is to be adjusted to 5% of good trade receivables.

You are required to prepare:

(a) Statements of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2017. (10 marks)

(b) Statement of Financial Position as at 30 June 2017. (10 marks)

ANSWERS MUST BE TYPED. PLEASE ANSWER ASAP.

Miss Rylai is a businesswoman who carries out retail business that sell shoes catered for young adults called Rylai Heels Enterprise. The following trial balance as at 30 June 2017 is provided by Miss Rylai for her business. Debit RM Credit RM 138,07 8 82,350 4,889 5,422 2,126 875 1,330 1,200 255 325 2,685 Purchases and Sales Carriage Inward Rent and rates Insurance Utilities Advertising Carriage outwards Discount allowed and received Commission received Salaries and wages Bad debts Accounts receivables and account payables Cash in hand Cast at bank Inventory as at 1 July 2015 Motor vehicles Fixtures and Fittings Accumulated depreciation: Motor Vehicle Fixtures and Fittings Capital Provision for doubtful debt Long term Loan 6,471 26,420 747 14,805 2,777 10,402 7,727 32,000 26,000 7,000 12,000 42,000 566 10,200 219,32 5 219,32 5