Here are what you have found to make adjustments on the existing trial balance: 1. Shop rental was RM2,000 per month and payment was made starting from Jan 2021. 2. One of the customers was declared bankrupt and unable to settle the debts. The customer still owed RM4,000. 3. Interest on loan from Maybank for the year ended 31 December 2021 was still outstanding. The agreement was signed on 31 July 2021. 4. Salary for Marina, the supervisor, amounting to RM3,000 was still unpaid. 5. Allowance for doubtful debts is to be provided at 5% on net account receivables. 6. An annual depreciation is to be provided as follows: Cabinet Furniture and fittings 10% on cost 10% on carrying value 7. A delivery van worth RM70,000 was purchased on January 2021. The residual value was RM10,000. Its useful life is for 5 years. 8. The boss, which is the owner, Datuk Jalil, withdrew cash of RM200 and took a camera worth RM5,000 for her daughter's birthday. 9. Stock as at 31 December 2021 was RM32,000. Required: a) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021. L Debit RM Credit RM 40,000 4,000 6,000 7,000 5,600 4,400 160,000 340,000 ASSIGNMENT QUESTION You are the new accounts clerk at Excellent Target Sdn Bhd, which sells cameras and accessories. Your boss wants you to prepare the financial statements for the year ending 31 December 2021. You had been given the trial balance as shown below: Inventory at 1 Jan 2021 Returns inwards Returns outwards Carriage inwards Duty on purchases Carriage outwards Purchases Sales trial balance. Here are what you have found to make adjustments on the existing trial balance: 1. Shop rental was RM2,000 per month and payment was made starting from Jan 2021. 2. One of the customers was declared bankrupt and unable to settle the debts. The customer still owed RM4,000. 3. Interest on loan from Maybank for the year ended 31 December 2021 was still outstanding. The agreement was signed on 31 July 2021. L Discount allowed 5,200 Discount received 6,400 Insurance on purchases 5,400 4. Salary for Marina, the supervisor, amounting to RM3,000 was still unpaid. 5. Allowance for doubtful debts is to be provided at 5% on net account receivables. Return on investment 3,000 Shop rental 28,000 6. An annual depreciation is to be provided as follows: Salaries and wages 33,000 Petrol and mileage expenses 2,600 Water and electricity 4,600 Cabinet Furniture and fittings 10% on cost 10% on carrying value Allowance for doubtful debts 1,000 Accumulated depreciation: Cabinet Furniture and fittings 15,000 7,600 Delivery van (at cost) 70,000 Cabinet (at cost) 50,000 Furniture and fittings (at cost) 40,000 Investment 30,000 Accounts receivable 20,000 Accounts payable 41,800 Telephone and internet charges 10,000 Maintenance expenses 8,000 Bad debts 1,000 7. A delivery van worth RM70,000 was purchased on January 2021. The residual value was RM10,000. Its useful life is for 5 years. 8. The boss, which is the owner, Datuk Jalil, withdrew cash of RM200 and took a camera worth RM5,000 for her daughter's birthday. 9. Stock as at 31 December 2021 was RM32,000. Required: a) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021. Cash at bank 68,400 Cash in hand 3,000 Loan from Maybank (4% per annum) 100,000 Drawings 600 Capital 80,000 600,800 600,800 Before you can prepare the financial statements from the trial balance given above, your boss wants you to review all the documents regarding the accounts listed in the