Closing inventories were valued at RM4620ii. The insurance expense is for a 12 months' fire insurance policy which waspurchased on 1 August 2019 by cash.iii. Annual depreciation expenses for the fixed assets are as follows:a. Motor vehicles - 10% at reducing balanceb. Equipment - 10% at cost7iv. A customer, APR whose account has been written off as bad debts in 2018 hasjust repaid her debt, RM450 in cash.v. RM300 of the rental expenses was rent for the next accounting period.vi. The owner still owes TRB Sdn. Bhd. RM120 for the carriage service ofinventories from port to business premise.vii. RM80 of the trade receivables have to be written as bad.viii. The owner took goods worth RM130 for private use which has not beenaccounted for in the books.ix. The provision for doubtful debts is estimated to be at 5% of the outstandingtrade receivables.x. The loan had been obtained on 1 July 2019 with an interest rate of 12% per

Prepare the Statement of Comprehensive Income or Statement of Profit and Loss for the year ended 30 June 2020. b. Prepare the Statement of Financial Position or Balance Sheet as at 30 June 2020. Debit Credit [RM) (RM Purchases 57341 Sales 80340 Inventories at 1 July 2019 4173 Wages 10650 3 Years Loan 6000 Cash in hand 242 Premises 15000 Discounts 410 715 Cash in bank 1150 Drawings 7326 Repairs to premises 720 Carriage inwards 246 Carriage outwards 584 Motor vehicleat cost 7600 Accumulated depreciation on motor vehicle 1900 Electricity 63 0 Trade receivables and payables 2720 1635 Equipment 4100 Provision for doubtful debts 180 Motor van expenses 1370 Returns 289 311 Rental 1200 Insurance 480 Interest on loan 150 Capital 23000 115231 115231