Credit (RM) Debit (RM) 45.000 5,950 11,500 20,000 500 22,250 70,000 100.000 30,000 40,000 7,500 330.000 Accounts Inventory on 1 January 2020 Cash Bank Accounts receivable Allowance for doubtful debts Accounts payable Capital Motor Vehicle Office Equipment Accumulated Depreciation - Motor vehicle Accumulated Depreciation - office equipment Sales Return inwards Purchases Return outwards Carriage inwards Carriage outwards Drawings Discount allowed Discount received Utilities expenses Insurance expenses Bad debts expenses Selling expenses Interest on loan Wages and salaries Pertal received Long term loan, 82 p.a 3,000 240.000 2.000 3,400 1,500 3.000 2,200 2.600 3.800 7.900 750 8,800 1.250 27.000 14.000 30.800 Total 521,650 521,650 Additional information: 1 Inventory as at 31 December 2020 was RM38.000 2 Included in the insurance expense was a general insurance amounting to RM&Co which was for the next accounting period 3 interest on bank loan for half a year was unpaid 4 One of the accounts receivables was declared a bankrupt. The amount owing to Aneka Trading was RM3,000 5 Utilities expenses for December 2020 amounting to RM 1,600 have not been included in the accounts 6 The owner took out cash amounting worth RM300 for personal dinner celebration with his family 7. Allowance for doubtful debts is to be adjusted to 5% of net account receivables 8 Depreciation is to be charged as follow i Office Equipment 25% on reducing balance method Motor Vehicles 20% on straight line method Required: (a) Prepare an Income Statement for the year ended 31" December 2020 (15 marks) (a) Prepare the Statement of Financial Position as at 31" December 2020 (15 marks) (Total:30 Marks)