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QUESTION 4 The following Trial Balance was extracted from the books of Mega Enterprise as at 31 December 2020. Particulars Debit (RM) Credit (RM) ) 215,000 Capital Duty on purchases Insurance Stationery Inventory as at 1 January 2020 Interest on loan Accounts Receivable and Accounts Payable Purchases and Sales Land and Building Return Inwards and Return Outwards Accumulated Depreciation as at 1 January 2020: -Office Equipment -Motor Vehicles 10% loan from BIMB Cash Allowance for Doubtful Debt 10% Fixed Deposit Discount Allowed and Discount Received Carriage Expenses Utilities 2,300 4,200 1,800 70,000 2,500 25,000 200,000 265,550 2,300 24,500 280,000 1,850 9,850 50,000 250,000 7,400 3,250 5,000 10,000 2,500 8,200 1,500 Bank Office Equipment Salary and Wages Motor Vehicles Drawings General Expenses Commissions Rental Received 40,000 28,000 25,000 140,000 3,000 3,500 3,800 5,800 1,300 846,550 846,550 Additional information: 1. Inventory as at 31 December 2020 was RM 60,000. 2. Included in the carriage expenses is carriage inwards amounting to RM1,320. 3. During the year, the owner contributed additional capital of RM 12,000 cash. This has not been recorded anywhere in the books of accounts. 4. Depreciation for the year are to be provided as follows: Office Equipment 10% on cost, yearly basis Motor Vehicle 20% on net book value, yearly basis 5. Allowance for doubtful debt is estimated at 5% of the total outstanding of account receivables. One of the debtors owing an amount of RM 620 was declared bankrupt and the amount has to be written off as bad debt. 6. Fixed deposit was invested on 1 July 2020. The half year interest was not yet received. 7. One of the employees was given an advanced salary of RM700 and no record has been made in the book of accounts. 8. The owner took goods worth RM2,000 and cash RM1,500 for personal use. 9. The following expenses are still outstanding as at 31 December 2020. -General Expenses RM600 -Utilities RM250 Required: a. Prepare Statement of Profit and Loss for the year ended 31 December 2020. b. Prepare Statement of Financial Position as at 31 December 2020. (30 marks)