Additional information:

• Inventory as at 31 December 2021 amounted to RM79,030.
• Dumbo Trading is still owing rent expense for November and December 2021 which has not been amended in the book.
• The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method.
• The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method.
• Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted.

Required:

1. Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. (22 marks)

2. Prepare the Statement of Financial Position as at 31 December 2021. (18 marks)