i & ii

Question 1 Samsudin owns a sport boutique, Sport Style at Mesra Rawang Shopping Centre. The shop seils all-kind of sport apparels for male and female. The following balances were extracted from the book of Sport Style as at 31 December 2020 Inventory as at 1 January 2020 Return inwards Return outwards Carriage inwards Duty on purchases Carriage outwards Purchases Sales Discount received Insurance on purchases Commission received Shop rental Salary Salesman commission Discount allowed Interest expense Allowance for doubtful debts Accumulated Depreciation - Delivery van Accumulated Depreciation - Shop cabinet Accumulated Depreciation - Office equipment Delivery van Shop cabinet Office equipment Accounts receivable Accounts payable Telephone and electricity Insurance Bad debts Cash at bank Cash in hand Loan from CIMD (10% pa) Drawings Capital RM 42.000.00 3.200.00 6.230.00 6.800.00 4,200.00 3.800.00 158,000.00 390,000.00 5.800.00 4 400.00 4.500.00 45,000.00 35,000.00 2.500.00 3.400.00 7,500.00 1.000.00 28,000.00 12.000.00 10,000.00 70,000.00 60,000.00 50.000.00 32 000.00 42.900.00 8.700.00 8.890.00 1.340.00 155,000.00 4.680.00 150,000.00 890.00 56,870.00 The following adjustments need to be considered as at 31 December 2020: 1. The shop rental is RM3,000.00 per month. Samsudin paid rental in advance for three months. 2. The salary for the shop assistant amounting to RM2,100.00 was still unpaid. 3. Interest on loan from CIMD Bank for half a year was outstanding, 4. One of the customers was declared bankrupt and unable to settle the debts. The customer still owed RM1,590.00. The allowance for doubtful debts to be provided for the year is RM1,250.00 5. Depreciation on a yearly basis is to be provided as follows: Delivery van 20% using reducing balance method Shop cabinet 5% using straight-line method Office equipment 15% using straight-line method 6. Samsudin withdrew cash amounting to RM2,200.00 and took a pair of shoe amounting to RM300.00 from the shop for her wife. 7. Inventory as at 31 December 2020 was RM39,000.00 REQUIRED: Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020. Prepare the Statement of Financial Position as at 31 December 2020