Fast Track Sdn Bhd is being formed on 1/1/2019 to run an auto accessories business in Sungai Petani. Kedah. This company is being shared by three Board of Directors as follows:

i.Mr. Amar contributed RM50,000.00

ii.Mr. Amir contributed RM30,000.00

iii.Mr. Amza contributed RM20,000.00

In addition, they also got a business loan for RM100,000.00 with Affin Bank, Alor Setar, Kedah. The instalment is RM2,000.00 per. month (inclusive of principle and interest) and the first instalment is in April 2019.

Based on the transactions in the Trial Balance and other information given, you are required to prepare the following statements of account for Fast Track Sdn Bhd;

i.Profit & Loss Account

(10 marks)

ii.Balance Sheet

(10 marks)

Notes to the account:

i.Closing Stock as at 31/12/2019 is RM 123,570.00

ii.Bank balance as at 31/12/2019 is RM30,000.00

iii.Cash in hand as at 31/12/2019 is RM10,000.00

iii.Company owned fixed assets amounting to RM250,000. 00 , depreciation are as below:

a) Vehicles of RM120,000.00 was taken into account by applying a useful life for 10 years.

b) Machineries of RM90,000.00 depreciate at 5% annually

c) Office Equipment of RM40,000.00 depreciate at the rate of 10% per year

All fixed assets are bought on the first day of the company's establishment.