Additional Information:

1. Stock at 31 May 2021 has the value of RM34,500 at cost and RM97,650 at market price.
2. Rent is paid on quarterly basis. Rent paid incudes payment of RM600 for the quarter up to 30 June 2021.
3. There is an accrued rates of RM340.
4. Debt of RM664 is to be written off as bad debt.
5. Lily decided at the end of the year to make an allowance for doubtful debts of 5% on the balance debtor outstanding.
6. During the year, withdrawals of stock were made for the following purpose: - Promotion: RM750
   • Personal use RM500
7. Depreciation policies for fixed assets are as follow:
   • Equipment 15 % annually on reducing balance method.
   • Motor Vehicle 20 % annually on straight line method.

Required:

1. Prepare the Statement of Profit or Loss for the year ended 31 May 2021.

(15 marks)

2. Prepare the Statement of Financial Position as at 31 May 2021.

(12 marks)

3. Explain the difference between Trade Debtor and Other Debtor with relevant examples.

(3 marks)