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Question 5 The following trial balance for Permata Services has been prepared for the year ended 31st December, 2021. Trial Balance as at 31 December 2021 Accounts Capital Machinery Motor Van Office Equipment Accumulated Depreciation machinery Accumulated Depreciation - Motor Van Accumulated Depreciation - Office Equipment Inventory, 1.1.2021 Allowance for Doubtful Debts Account Receivable Account Payable Bank Cash in hand Purchases Salary Staff expenses Rent Received Insurance Advertisement Sundry expenses Maintenance Drawings Stationeries Loan from MBB Bank, 7% Interest on Loan Bad debts Utilities Accounts Carriage outwards Carriage inwards Dividend Received Total Debit (RM) 55,000 100,000 20,000 18,600 36,700 23,790 5,540 142,000 55,890 12,000 7,800 5,000 1 ,400 2,700 5,000 3,880 2,000 3,400 2,600 Debit (RM) 4,800 3,700 Credit (RM) 130,000 20,000 50,000 1,000 1,600 10,400 250,000 3,600 40,000 77 Credit (RM) 5,200 511,800 511,800 The following additional information was not adjusted at the closing of the accounts. ii. iii. iV. V. Vi. vii. viii. ix. Required: (b) (c) Inventories at 31st December 2021 were valued at RM23,OOO. Market value of the inventories were RMI 8,000. Salaries amounting to RMI 0/500 was not included in the accounts. The amount in the accounts included a prepayment rent received of RM600 for the following year. Dividend income amounting RM2,500 has not been received. Depreciation is provided as follow: plant and Machinery 20 % reducing balance method Motor Van 25% straight line method Office Equipment 25% straight line method One of the accounts receivable, whose debts had previously been written off as bad debts, made payment of RM3,OOO in cash for settlement of amount owing. Owner took cash amounting to RM 2,000 and donated it to charity organization, MARNA, on 315t December 2020. Interest on loan has not been fully paid at year end and not provided in the account. The Allowance for doubtful debts is to be increased to 4% of net account receivables. Prepare journal entries for the year-end adjustments Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 st December 2020. Prepare a Statement of Financial Position as at 31 December 2021. (30 marks)