AQUASCAPE CENTRE

Trial Balance as at 31 December 2020

Accounts Titles	Dr. (RM)	Cr. (RM)
Capital		250,000
Motor vehicles	120,000
Fixtures and fittings	80,000
Accumulated depreciation:
Motor vehicles		40,000
Fixtures and fittings		20,000
Water and electricity	10,200
Bad debts	11,600
Inventory (1 January 2020)	31,000
Discount received		4,200
Purchases	80,000
Sales		120,000
Cash	16,000
Bank	48,000
Salaries	20,200
Accounts receivable	37,400
Accounts payable		21,500
Drawings	1,300
Total	455,700	455,700

The following information is available to use in making adjusting entries:

1. Closing inventory at 31 December 2020 RM 70,000.

2. Water and electricity bill amounting to RM 500 still remained unpaid.

3. Interest revenue amounting to RM 1,400 has not yet been received.

4. Depreciation expense for motor vehicles RM 20,000 and fixtures and fittings RM 3,000.

5. The owner took out RM 3,000 cash for his personal use.

1. Prepare Statement of Profit or Loss for the year ended 31 December 2020.
2. Prepare Statement of Financial Position as at 31 December 2020.