Prepare Profit and loss, Balance sheet etc.

The following list of balances was extracted from the books of Fedex Corporation on 30 September 2019: RM Ordinary Share Capital - issued and fully paid 400,000 8% Preference Share Capital - issued and fully paid 80,000 Freehold property 664,000 Motor vehicles 200,000 Office equipment 70,000 Motor vehicles - depreciation provision 150,000 Office equipment - depreciation provision 28,000 Gross profit 504,400 Inventory 30 September 2019 90,000 Administrative expenses 85,000 Selling expenses 60,000 Distribution expenses 130,000 5% Debentures 80,000 Interest paid to Debenture Holders 2,000 Profit on sale of vehicle 1,000 P/L Statement 1 October 2018 (credit balance) 83,500 6% Deposit Account invested on 1 June 2018 50,000 Trade Receivables 62,000 Trade Payables 45,000 Cash at bank (credit balance) 6,800 Share premium 40,000 Interim Dividend-Ordinary Shares 4,000 Interim dividend -Preference Shares 3,200 Doubtful debts provision 1,500 The following information is to be taken into account: (1) The Authorised Share Capital of the company is 500,000 RM1 Ordinary Shares and 100,000 8% RM1 Preference Shares. (2) At 30 September 2019, prepaid selling expenses amounted to RM2,000 and accrued distribution expenses amounted to RM600. The first year's deposit account interest was not due to be received until 31 May 2020. (3) The doubtful debts provision is to be maintained at 2% of receivables at 30 September 2019. (4) Depreciation is to be provided as follows: Office equipment - 20% per annum on cost Motor vehicles - 50% reducing balance. (5) The directors propose: (1) A final dividend to the ordinary shareholders of RM0.10 per share (ii) A transfer to General Reserve of RM25,000. Required: (a) Prepare the Statement of Profit or Loss for year ended 30 September 2019. 10 marks (b) Prepare the Statement of Financial Position as at 30 September 2019. (c) What are the objectives in preparing Control Accounts