Below is the Trial Balance of L&G Trading as at 31 December 2019:

RM RM

Capital 300,000

Computer & Software 30,000

Office Equipment 12,500

Motor Vehicles 285,000

Sales 885,500

Purchases 525,000

Sales Returns 3,150

Purchases Returns 1,550

Carriage Inwards 1,450

Fire Insurance 2,640

Rental 72,000

Water & Electricity 24,650

Salaries 108,000

Sundry Expenses 750

Printing & Stationery 880

Telephone Charges 3,430

Opening Stocks 42,350

Incentive 5,700

Discount Received 650

Cash in Hand 2,550

Cash at Bank 19,620

Trade Receivables 74,500

Trade Payables 26,470

1,214,170 1,214,170

Additional information :

i. Stocks on 31 December 2019 was RM45,360.

ii. Fixed assets are to be depreciated at 20% on cost.

iii. Electricity charges payable as at 31 December 2019 was RM1,250.

iv. Provision for doubtful debts is set at 2%.

Required:

a. Prepare the Statement of Comprehensive Income for the year ended 31 December 2019.

b. Prepare the Statement of Financial Position as at 31 December 2019.