Cekal Hebat Enterprise has given the following Trial Balance as at 31st December 2020.

Particulars	Dr (RM)	Cr (RM)
Land & Building	78000
Investment- Saham Selangor	15000
Machinery	47000
Vehicles	28400
Inventory as at 1st Jan 2020	2250
Discount received		515
Discount allowed	220
Account receivables	42500
Account payables		33712
Bad debts	140
Bank charges	215
Rent income		5730
Dividend received		920
Salaries	4156
Sundry expenses	196
Utilities	394
Postage	120
Return inwards	270
Return outwards		915
Sales		128480
Purchases	82785
Carriage inwards	418
carriage outwards	211
motor expenses	200
cash	1170
bank overdraft		13420
Loan- Perwira Bank		42000
Drawings	2300
Interest expenses	75
Accumulated Depreciation
-Land and building		10000
- Machinery		19000
- Vehicles		14200
Capital		37128

Dr(RM) Cr (RM)

Total

306020

306020

Additional Information:

1) Inventory as at 31 December 2020 was RM31,618.

2) Rent income still accrued amounted to RM1,140.

3) Sundry expenses accrued RM45.

4) Salaries paid in advance was RM1,260

5) RM480 was received for dividend which actually was supposed to be received for the next accounting year

6) Depreciation for land & building and machinery at the rate of 20% and 25% per annum on cost respectively.

7) Depreciation for vehicles is to be provided using reducing balance method at the rate of 20%.

8) Provide provision for doubtful debts 5% on net account receivables

Required:

For the year ended 31st December 2020, you are required to prepare:

a. Statement of Profit or Loss for the year ended 31 December 2020;

b. Statement of Financial Position as at 31st December 2020.