prepare 1/income statment and 2/Financial statment of postion.

Muhrizah is the owner of Your Little Shop Boutique (YLSB), selling modem and contemporary fashions for Muslimah. YLSB closes its accounts on 31 December annually. Below is the Trial Balance of the business as at 31 December 2019. Debit (RM) 50,000 4,000 Credit (RM) 5.000 $4,000 250,000 4 500 $2,000 26,330 1.250 Stock /Inventory at 1 January 2019 Return inwards (Sales return) Return outwards (Purchase return) Purchases Sales Commission received Shop rental Salary and wages Interest expense Provision for doubtful debts Provision for depreciation of Fixtures and fittings :1 Jan. 2019 (Acc. Depreciation Fixtures and fittings cat cost) Debtors (Trade receivables) Creditors (Trade payables) Water and electricity Bad debts Bank 100 6.000 30,000 2.000 5,000 5.200 200 125.000 500 Ch 50,000 Loan from Bank Mudah Kerjasama Malaysia Drawings Capital 500 20,380 3:40,980 340,980 The following adjustments need to be considered 2 1. The shop rental is RM4,000 per month. Mubrirah paid in advance the rental for January 2020 Salary for fashion designer amounted to RM8.500 is still unpaid. 3. One of the customers was declared bunkrupt and unable to settle his debes. The customer stillewed RM400 Provision for doubtful debts needs to be provided at 5% An annual depreciation needs to be provided at 10% for fixtures and fittings Commission amounted to RM300 has yet to be received from a wedding plunner 5 Page dors ACS, 2000-2001 7. Muhrizah has consumed goods worth RM4,000 and withdrew from bank RM2,000 for personal use & Stock'inventory as at 31 December 2019 is RM15,000 Required: Prepare the Income Statement for Y S8 for the year ended 31 December 2019 [15 marks (b) Prepare the Statement of Financial Position for YLSB 3s 31 December 2019