Prepare journal entry and workings. Prepare statement of profit & loss and other comprehensive income. Prepare statement of financial position.

(Question 1) Light Trading involves in selling home lighting collections in Klang Valley area The following Trial Balance was extracted from the books as at 30 June 2020: Return Rental income Carriage inward Dividend income Salaries and wages Advertising and promotion Provision for doubtful debt 1 July 2019 Provision for discount allowable 1 July 2019 Insurance Bad debt Salesman commission Loan from KEN Bank Purchase and sales Motor vehicles Premises Machineries " Bank bar Cash Trade receivables and payables Debit Credit RM RM 700 400 12,000 320 7,200 42,000 3,400 240 600 13.000 240 8,700 120,000 45,000 197,010 73,880 130,000 54,550 5,800 25,200 8,900 76,000 11,560 Fixed deposits Goodwill 12,000 Capital 180,000 Drawings Inventory 1 July 2019 Duty on purchase Interest on loan Rental Utilities Discount Printing and stationery Accumulated depreciation as at 1 July 2019: Motor vehicles Premises Machineries 11,470 2,410 500 1,200 65,000 6,390 2,050 1,850 1,300 13.400 45.000 7.170 593 220 593 220 Additional information: (0) On 1 June 2020 Light Sdn Bhd returned to their supplier, TenTin Sdn. Bhd. on rejected product purchased. No adjustments had been made in the books for the debit note RM650 sent to the company (ii) 4% interest per annum on loan from KFN Bank was taken on 1 January 2020 (ii) The net realizable value of inventory was RM9,990 and cost of inventory was RM9,900 as at 30 June 2020. (iv) The business owner had consumed some goods worth RM4,360 and withdrew cash RM1,000 for his wife's groceries Treem Trading, a debtor with an outstanding amount of RM670 has been declared bankrupt by court. Therefore, additional bad debt needs to be written off (v) (vi) Salaries of RM3,500 and utilities of RM810 were still outstanding and no adjustments had been made in the books (vii) Insurance expenses including RM1,000 payment for the month of July 2020 (viii) Depreciation on yearly basis is to be provided as follows: Assets Motor Vehicles Premises Machineries Depreciation policy 20% on carrying amount yearly basis. 10% on cost, yearly basis. 15 on net book value, yearly basis (ix) The policy of the firm is to provide 5% provision for doubtful debts and 3% provision for discount allowable on the remaining trade receivables