Aniqah is a retail business. It buys mass produced clothings and sells them in the local market. An extracted trial balance of Assam as at 30 June 2023, which is also its financial year-end, is shown below.

Trial balance as at 30 June, 2023

	DR RM 000	CR RM 000
Land and building, at cost	500
Office equipment	70
Accumulated depreciation, at 1.7.2022
-building		60
-office equipment		24
Bank loan, due on 31 March, 2024		40
Cost of goods sold	520
Discount allowed	40
Sales return	12
Office supplies expense	8
Sales		970
Inventory (stock in trade), at 30.6.2023	68
Telephone and electricity expense	43
Discount received		37
Cash at bank	28
Provision for doubtful debts, at 1.7.2022		4
Insurance expense	6
Capital, at 1.7.2022		316
Interest expense	11
Bank loan, due on 30.4.2030		60
Wages and salaries expense	82
Transport outwards expense	25
Prepaid insurance	36
Miscellaneous operating expense	6
Accounts receivable	136
Accounts payable	___	_80
	1 591	1 591

Additional Information:

1. On 29 June 2023, the owner of Aniqah issued a cheque of RM4,000 for his son to pay for his school fees. No accounting entry has been made.
2. The depreciation charge for building, RM3,000 and office equipment RM14,000 have not yet been provided.
3. The prepaid insurance of RM36,000, in the above is valid from 01 September 2022 to 31 August 2023.
4. The interest charges, on the bank loan, for June 2023 was estimated to be RM2,000. No entry has been made.
5. The provision for doubtful debts is to be increased to RM8,000.
6. The amount of electricity used in June 2005 was estimated to be RM2,000. No entry has been made.

Required:

1. Prepare a detailed Statement of Financial Performance (Profit & Loss Statement) for the year ended 30 June 2023.

(8 marks)

1. A Statement of Owners Equity for the financial year and a detailed Statement of Financial Position (Balance Sheet) as at 30 June 2023.

(9 marks)

1. Name the inventory system used by Assam. Give an advantage and a disadvantage of this inventory system over the other inventory system.

(3 marks)