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Question 2 Mr. Marvin is a merchandising company which has business operations in Ipoh, Perak. The followir trial balance has been extracted from the books as at 31 July 2021. Marvin Enterprise Trial Balance as at 31 July 2021 Other information: 1) Closing inventories as at 31 July 2021 was estimated to be worth RM18,900. 2) Included in building maintenance expenses is a building renovation cost RM 65,000 . 3) Accrued Expenses: Rental RM800, Salary RM3,250. 1110,000 4) Prepaid Expenses: Advertising RM575. (600-575) Business Accounting (BAAB 1014) January 2022 Final Examination 5) Annual depreciation for the non-current assets as follow:- 2% - Straight line method (230100065,000,8,2%) 6) During the year, the proprietor has taken goods costing RM2,350 and give to his mother. took cash of RM800 per month from the business for his personal consumption. Cash drawings had been recorded in a Salary Account. 7) It has been agreed that further debts amounting to RM440 are to be written off against specific customers, and the closing provision for doubtful debts is to be adjusted to 2% of the revised account receivables figure. 136,8404402%=2,728=8 ad det provito 0h 8) The bank loan carries an interest rate of 10% per annum. It is the company policy to pay interest charges at the end of every year. Required: a) Prepare Marvin Enterprise's Statement of Profit or Loss (post adjustments) for the year ended 31 July 2021. (20 marks) b) Prepare Marvin Enterprise's Statement of Financial Position (post adjustments) as at 31 July 2021. (20 marks)