***PLEASE ANSWER THE QUESTION BRIEFLY, THANK YOU

The following Trial Balance was extracted from the books of MM Trading as at 31 December 2017. Debit (RM) Credit (RM) 119,600 1,700 27,600 1,940 40,000 59,700 1.550 10,000 2,620 2,520 9,800 2,120 31,000 10,200 Capital Bad Debts 8% Loan from Bank of Commerce Purchases and Sales Returns Rental income Carriage Inwards Carriage Outwards Salaries Electricity Investment in Fixed Deposit Bank Commission Income Selling expenses Discounts Motor expenses Interest on Fixed Deposit Insurance General expenses Allowance for Doubtful Debts Land and Building Delivery Van Office Equipment Accounts Receivable and Accounts Payable Inventory as at 1 January 2017 2,800 8,500 1,930 1,900 1.650 1,900 1,600 1,500 2,330 86,000 20.000 18,000 11,000 12,100 252,030 12,500 252,030 Additional Information: 1. ii. Inventory as at 31 December 2017 was valued at RM 11,500. The following expenses were still accrued as at 31 December 2017: Insurance expenses RM1,400 Salaries expenses RM800 il. An additional Bad Debt of RM250 was to be written off and Allowance for Doubtful Debts is to be increased by RM460. The following revenues were not yet received as at 31 December 2017: iv. Rental Income RM3,000 Commission Income RM1,200 Loan from Bank of Commerce was taken on 1 June 2017. No interest payment has yet been made. vi. . Depreciation on Non-current Assets as at 31 December 2017 will be charged as follows: Delivery Van 20% p.a. on cost, yearly basis Office Equipment 10% p.a. on net book value, yearly basis vii. Mrs Moon, the owner of the business, withdrew goods worth RM1,000 to be given as a wedding present to her friend. vii. RM900 of the Interest on Fixed Deposit was not yet received at the end of the accounting period. Required: a. A Statement of Profit or Loss for the year ended 31 December 2017. b. A Statement of Financial Position as at 31 December 2017