Additional information: The following items are related to cash transactions throughout the year. Cash and cash equivalents as of 1 January 2020 was RM5 54,500. Adam made a total cash withdrawal of RM27,500 in 2020. 2. AKE received cash RM10,000 from the disposal of an old van. 3. An additional cash of RM150,000 was brought in by Adam to increase his stake in AKE. 4. AKE bought a piece of land for future operational expansion. A total amount of RM180,000 was paid by cash. Total cash receipts and disbursements from business operation were RM315,000 and RM255,000 respectively 5. INSTRUCTIONS: 1. You are required to prepare the Financial Statements for AKE based on the balances shown in the trial balance as of 31 December 2020. as (15 Marks) PART A: Adam Kleen Enterprise (AKE) was initially set up as a convenient shop selling laundry related items by Adam Bollan. Despite having good results in the national-level examination and was even offered a place at a public university, he decided to pursue his ambition of becoming a successful entrepreneur. It all started with a humble beginning of selling detergents and fabric softeners. Soon, it was followed by personalised delivery to the doorsteps of his customers based on the latter schedules. This has certainly created a satisfied and growing number of newer customers and within a year, AKE has doubled the items in the shop to meet higher demands. AKE was given a breakthrough when it successfully won a tender to provide detergents and softeners for a laundry service contractor of a local government hospital. From here, there was a no turning back for Adam as he steered AKE into other related services such as selling specially packed detergents and fabric softeners, medical disposables, and other relevant rental services. When the Covid-19 pandemic hit the country, AKE was given another business opportunity of supplying personal protective equipment (PPE) to the hospital employees. wwwwww Adam Kleen Enterprise Trial Balance 31 December 2020 Accounts Debit Credit Balances Balances 567,000 180,875 404,813 4,000 6,875 72,975 288,750 85,113 378,875 Cash Account Receivable Merchandise Inventory Office Supplies Sale Supplies Pre-paid Insurance Office Equipment Accum.Depre. - Office Equip. Delivery Van Accum. Depre, - Delivery Van Account Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Capital, Mr. Adam Withdrawal, Mr. Adam Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold 151,125 329,275 10,625 7,037 19,350 281,250 684,000 27,500 929,887 3,525 7.928 445.174 Advertising Expense Local municipal license Depre. Expense - Office Equip. Depre. Expense - Delivery Van Del. Van Repairs & Maintenance Sales Salaries Expense Sales Supplies Expense Insurance Expense Office Salaries Expense Office Supplies Expense Rental Expense Utilities Expense Interest Expense 9,113 2,750 3,000 3.875 3,125 41,563 8,560 5,625 12.162 3.862 10.625 3.237 1,875 2,497,662 2,497.662