introduction to accounting question

Question 4 The Trial Balance of Virus Enterprise, a sole proprietorship on 31 December 2020 is as follows: Trial Balance as at 31 December 2020 Debit RM Credit RM 280,600 189,200 1,020 2,100 220 2,000 Sales Purchases Return outwards Return inwards Carriage inwards Rental incomes Beginning inventory as at 1 January 2020 Carriage outwards Custom duties Salaries Prepaid rental expenses Telephone expenses Motor vehicles at cost Accumulated depreciation - Motor vehicles Trade receivables Trade payables Capital Bank Drawings 23,000 190 1,000 11,800 1,200 890 102,000 14,400 17,300 21.000 70.800 37,520 3,400 389,820 389,820 Additional information: 1. Inventory in hand as at 31 December 2020 was RM25,000. 2. Accrued salaries amounted to RM2,200. 3. Telephone prepaid was RM220. 4. Depreciation of motor vehicle is at 20% per annum using reducing balance method. Required: a) Prepare a Statement of Profit or Loss (Income Statement) for Virus Enterprise for the year ended 31 December 2020. (20 marks) b) Draw up a Statement of Financial Position (Balance Sheet) as at 31 December 2020 for Virus Enterprise (10 marks) (Total: 30 Marks)