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Mr. Bala is a trader who has not kept proper books of accounts. On 31 October 2018, his state of affairs was as follows: RM
Mr. Bala is a trader who has not kept proper books of accounts. On 31 October 2018, his state of affairs was as follows: RM Cash 210 Bank 4,700 Fixtures 2,800 Inventory 18,200 Trade receivables 26,600 Trade payables 12,700 Van (at valuation) 6,800 During the year to 31 October 2019 his drawings amounted to RM 32,200. Winnings | from the Lottery of RM 7,600 were put into the business. Extra fixtures were bought for RM900. On 31 October 2019, his assets and liabilities were: RM Cash 190 Bank overdraft 1,810 Inventory 23,900 Trade payables 9,100 Accrued expenses 320 Fixtures 3,700 Depreciation - Fixtures 370 Van 5,440 Trade receivables 29,400 Prepaid expenses 460 Required: Draw up a statement showing the profit or loss for the year ended 31 October 2019
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