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PREPARATION OF FINANCIAL STATEMENT QUESTION 1 The owner of Medovick Trading supplies you with the following accounts as at 31 December 2020. PARTICULARS DEBIT (RM)

PREPARATION OF FINANCIAL STATEMENT

QUESTION 1

The owner of Medovick Trading supplies you with the following accounts as at 31 December 2020.

PARTICULARS

DEBIT (RM)

CREDIT (RM)

Fixtures and Fittings

15,000

Cash in hand

5,000

Debtors

2,000

Motor Vehicles

80,000

Creditors

12,000

Capital

40,000

Long term Loan

30,000

Additional Information:

Net profit for the year ended 31 December 2020 is RM20,000.

You are asked to prepare the Statement of Financial Position as at 31 December 2020.

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