Encik Aril, the owner of ARICO Trading has appointed you as an accounts clerk to help him prepare the financial statements of his business. Below is the Trial Balance of ARICO Trading as at 31 March 20x2 along with some additional information: Debit Credit (RM) (RM) Accounts payable Accounts receivable Advertising expenses 42,540 73,230 7,845 Bad debts expenses 8,400 Capital 672,000 Carriage inwards 18,780 Cash at bank 221,400 Discounts allowed 16,800 Discounts received 33,675 Dividend received 48,300 General expenses 7,596 Import duties 3,150 Insurance expenses 44,070 Interest on loan 7,200 Land and building 750,000 6% Loan from AEON Bank 240,000 Motor van 159,600 Office equipment 147,150 Accumulated depreciation: Motor van Office equipment Allowance for discount allowable Allowance for doubtful debts Purchases Rent received Returns inwards 33,300 43,860 7,560 14,250 979,500 25,872 11,340 Returns outwards Sales Commission received 7,560 1,667,370 7,500 Inventory as at 1 April 20x1 126,600 Telephone expenses 8,100 Wages & salaries expenses 235,446 Water & electricity expenses 17,580 2,843,787 2,843,787 Additional information: 1 Depreciation for the year were as follows: i Motor van 15% on cost per annum ii Office equipment 20% on cost per annum 2 Inventory on 31 March 20x2 was valued at RM91,800. 3 Only 50% of the interest on a loan had been paid for the year. 4 Delivery charges incurred amounting to RM13.500 (to send goods to out-station customers) had been paid during the year, but no record had been made in the cash book. 5 Debts of RM1,080 are to be written off as bad and the allowance for doubtful debts is to be adjusted to 12% of outstanding debtors. Allowance for discount allowable is to be adjusted to 10%. 6 Rent received amounting to RM1,500 is for April 20x2. 7 A telephone bill for RM11,700 was not yet paid. 8 Commission of RM10,500 is still not yet received. 9 The owner had taken RM2,430 worth of the goods for his daughter's party and had drawn out RM12,000 from the business bank account for his personal use. No record had been made in the books. 10 On 1 April 20x1, ARICO Trading had withdrawn RM54,000 from the bank account and invested the amount in Saham Mesra Rakyat Bhd. As at 31 March 20x2, 4% dividend was received. None of the transactions had been recorded in the books. Required: A Prepare a statement of profit or loss and other comprehensive income for the year ended 31 March 20x2. B Prepare the statement of financial position as at 31 March 20x2. Delivery van 70,000 Costumes cabinet 60,000 Office equipment 50,000 Accounts Receivable and Payable 20,000 40,000 Telephone and electricity bills 10,000 Insurance Bad debts Cash at bank Petty cash Loan from TEKUN (10% per annum) Drawings Capital 8,000 1,000 50,000 3,000 100,000 600 68,800 576,800 576,800 The following adjustments need to be considered: 1 The shop rental is RM4,000 per month. Puan Meera paid rental for two months in advance. 2 The salary for the fashion designer amounting to RM3,000 was still unpaid. 3 Interest on a loan from TEKUN for one year was outstanding. 4 One of the customers was declared bankrupt and unable to settle his debts. The customer still owed RM6,000. 5 Provision for doubtful debts on accounts receivable need to be provided at the rate of 5%. 6 An annual depreciation is to be provided as follows: Delivery van Costumes cabinet Office equipment 20% on cost 10% straight line basis 10% on cost 7 Puan Meera withdrew petty cash of RM400 and took a dress amounting to RM600 for her daughter's birthday. 8 Inventory as at 31 December 2009 was RM32,000. Required: A Statement of profit or loss and other comprehensive income for the year ended 31 December 20x9. B Statement of financial position as at 31 December 20x9