Hello, im an accounting student at ucsi I have this homework requiring to prepare the statement of financial position for year ended 31 Dec 2019:

showing steps that may help me understand the way to do.

Q1: Twitter Enterprise sells electrical products including washing machines, air conditioners, water heaters and televisions. The following balances were extracted from the books of Twitter Enterprise as at 31 December 2019. List of Accounts Debit Credit (RM) (RM) Capital 363,600 Inventories as at 1 January 2019 22,500 Freehold Land 250,000 Motor Vehicles 96,000 Office Equipment 25,000 Accumulated Depreciation as at 1 January 2019 Motor Vehicles 38,400 Ofice Equipment 5.890 5% Fixed Deposit 50,000 Bank 55,800 Cash 2,470 Accounts Receivables 21,500 Accounts Payables 36,400 10% Loan from Bank FB 40,000 Purchases 115,600 Sales 265,000 Return Inwards 150 Return Outwards 800 Discounts Received 1,960 Discounts Allowed 570 Insurance on purchase 350 Bank Charges 1,000 Rental expense 9,600 Stationeries 800 Carriage expenses 4,800 Salaries 78,000 Utilities 8,460 General Expenses 8,280 Advertising Expenses 10,200 Commission received 9.000 Drawings 580 Allowances for Doubtful Debt as at I January 2019 610 761,660 761,660Additional information I. 2. Inventories as at 31 December 2019 were valued at RM2 8,500 The Fixed Deposit account was opened on 1 July 2019 and interest is at 5% per annum. No interest has been received during the year. The owner took cash RMl,000 and goods worth RM8.000 for personal use The loan from Bank FB was taken on 1 January 2019. No interest has been paid on this loan at the end of accounting period. Allowances for Doubtful Debt were to be adjusted to RM645. 25% of carriage expenses were carriage inwards and the remainder were carriage outwards expenses. Depreciation is to be provided as follows: Motor vehicles 10% on strai_ t line method 7% on reducin, balance method The following adjustments are to be considered for the period: mm -I'E Utilities