PROBLEM QUESTIONS There are THREE (a) questions in this section. Answer all questions in these question paper Question The Trial Balance of Wisdom Sdn Bhd at 31 December 2018 is as follows: Dr(RM) CRM) 30.000 1,500 4.700 OD 3,100 15,000 2,100 8,000 700 GO Capital Interest received Rent and rates Account receivable Premises at cost Discount received Equipment at cost Commission received Motor vehicle at cost Return inwards Purchases Return outwards Salaries expenses Drawing Account payable Utilities expenses Import duty 41,000 300 18,000 400 400 600 3,100 700 400 300 21,000 400 Carriage Inwards Loan Overdraft bank Cash Opening inventory Sales 8,800 3,000 36,000 95,300 95,300 Additional information: 1. IL Inventory as at 31 December 2018 were valued at RM3,500. Accrued expenses and revenues during the year were as follows: Salaries expenses RM100 Interest received RM400 Prepaid expenses and revenues during the year were as follows: Rent and rates RM200 Commission Received RM50 ii. iv. V. Depreciation are to be provided as follows: Motor Vehicles 20% on cost Equipment 10% on cost. Premises 15% on cost. A doubtful debts provision of 3% of account receivables was created on 31 December 2018. vi. During the year the proprietor has taken goods costing RM350 from the business for his own use. Required: a) Prepare Statement of Profit or loss for the year ended 31 December 2018. (15 marks) b) Prepare a Statement of Financial Position as at 31 December 2018, (10 marks) (Total: 25 Marks)