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Rizal owns a shop, Ultra Trading. The following balances were extracted from the accounting books of Ultra Trading as at 31 December 2019. Debit Credit RM RM Cash 8.500 Accounts receivable 4.800 vance for doubtful debts (as at I Jan 2019) 200 inventory 2,200 Prepaid rent 4,800 Prepaid insurance 1,800 Equipment 14.500 Accumulated depreciation - Equipment 1,000 Accounts payable 80 Capital 32,500 Drawing 5.000 Purchases 16,100 Sales 21,050 Fees received 4,700 Salary 1,500 Carriage outward 450 Purchases return 500 Sales return 950 Discounts allowed 200 Discounts received 60.800 60.800 The following adjustments need to be considered as at 31 December 2019: 1. Closing inventory is RM 1,200. 2. Insurance has expired by RM500. 3. Depreciation for equipment is calculated at 10% using the reducing balance method. Accounts receivable included a bad debt of RM250. 5. Salaries yet to be paid is RM 120. 6. Rent has expired by RM 1,600. 7. Unearned fees are RM 2,500. 8. A carriage inward of RM200 was wrongly recorded in the carriage outward account Page |1 PRINCIPLES OF ACCOUNTING SEMESTER 1 SESSION 9020/2091 9. Inventory withdrawn for personal use during the year was estimated to be RM200. 10. Allowance for doubtful debt as at year end will be 5% of final accounts receivable. Required: a) Show journal entries of the transactions, as given in the additional information No. 2 until No, 10, in a journal. (Note: Narration is not required). (15 Marks) b) Prepare a statement of profit and loss for the year ended 31 December 2019. (13 Marks) Prepare a statement of financial position as at 31 December 2019. (Note: A vertical format is required). (12 Marks) Total: (40 marks)