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Orlando started his business since 20X0 and ends his accounting year at 31 August each year. The following is his trial balance as at 31 August 20X2. As at 31 August 20X2, the following information is relevant: 1. Closing inventory was valued at cost RM10,000. Trial Balance as at 31 August 20X2 2. Proceeds from cash sales RM700 used to pay for house rental was not recorded Debit RM 18.000 100 6,500 800 Credit RM 30,000 150 3. Prepayment of salary & wages to employees as at year end amounted to RM380. 4. 1,000 580 Accruals of rent and advertising expenses are RM200 and RM180 respectively. Insurance amounting to RM500 is for the period from 1 September 20X2 to 30 November 20X2. 3,600 5. 2,800 2,300 3,280 6. Out of the total stationery bought, RM180 is actually for Orlando's personal use. Purchases & Sales Returns Inventory as at 1 September 20X1 Cash in hand Cash at bank Stationery Rent Insurance Advertising Salary & wages Administration expenses Bad debts Discounts Capital Trade receivables & Trade payables Allowance for doubtful debts as at 1 Sep 20X1 Office equipment - Cost - Accumulated depreciation Fixture & fittings - Cost - Arculated depreciation 2.100 560 690 7. The allowance for doubtful debts is to be increased to RM500. 726 14,300 4.080 350 5.280 8. Office equipment is to be depreciated at 15% using the reducing balance method, whereas 10% depreciation is to be provided for fixtures & fittings based on the straight-line method. 4,860 1,460 Required: (a) Prepare the Statement of Profit or Loss for Orlando for the year ended 31 August 20X2. (14 marks) 880 264 52.330 Scanned with CamScanner (b) Prepare the Statement of Financial Position as at 31 August 20X2. (11 marks) [Total: 25 marks)