Justin, a sole trader extracted the following trial balance from his books at the close of his business on 31 December 2017. Debit (RM) Credit (RM) 30,000 26,940 46.300 55,000 12,000 38.000 4.600 2,000 1720 100,500 70,200 4.000 2.900 Capital Debtors and Creditors Cash at bank Cash In Hand Stocks, 1 January 2017 Rent revenue Dividend received from investments Interest expense Shop Outlets Delivery van Accumulated depreciation - shop outlet Accumulated depreciation - delivery van Investments Drawings 5% Loan from Bank Rakyat Motor Expenses Insurance expense Purchases and Sales Carriage inwards Carriage outwards Retums Bad debts Allowance for doubtful debts 80.000 1,000 28.000 437,500 970 1.200 130.000 1,200 800 1,400 400 950 2.800 539,690 539,690 Additional information: 1. Closing stocks as at 31 December 2017 were RM 12,500. 2. One of the debtors is proven could not pay his debts worth RM 600 to the business 3. Allowance for doubtful debt is to be decreased by RM 430. 4. Depreciation is to be based on: Shop outlet : 5% at cost Delivery van 12% at book value 5. Monthly insurance was RM 150. 6. Rent revenue of RM 500 was received in advanced. 7. The owner withdrew cash in hand of RM 800 for his daughter Required: Prepare a Statement of Profit or Loss for the year ended 31 December 2017 and Statement of Financial Position as at 31 December 2017. (20 marks)