Q1: The following is the given trial balance of Syarikat Megan Tools Engineering as at 31.12.2020.

1. Prepare the Income Statement of Syarikat Megan Tools Engineering for the period ending 31^st December 2020.
2. Prepare Statement of Financial Position as at 31^st December 2020 for Syarikat Megan Tools Engineering.

Additional information:

1. Inventory as at 31.12.2020 is RM61,000.
2. Insurance prepaid is RM1,800.
3. Salaries unpaid amounting to RM14,000.
4. Motor Expenses accrued is RM890.
5. Interest on loan accrued is RM1500.
6. General Expenses accrued is 1870..
7. The provision for doubtful debts is to be maintain at 10%.of the debtors.
8. Depreciation on Motor Vehicles is to be 20% on cost and on office equipment at 10% on cost and for the premises to be 5% on cost.

The following is the given trial balance of Syarikat Megan Tools Engineering as at 31.12.2020. Debit Credit RM RM Capital as at 1st January 2020 1,500,000 Cash in Hand 3,900 Cash at Bank 656,110 Accounts Receivables/ Debtors 170,720 Bad Debts 880 Creditors/ Payables 79,520 General Expenses 34,700 Drawings 28,000 Salaries 83,500 Carriage Inwards 3,310 Carriage Outwards 4,310 Insurance 13,100 Motor Expenses 20,800 Sales 1,048,000 Returns Inwards 8,850 Purchases 587,900 Returns Outwards 10,280 Rent Received 16,000 Interest on Loan 13,500 5% Long Term Loan 270,000 Discount Allowed 5,840 Discount Received 3,320 Motor Vehicle 250,000 Provision for Depreciation of Motor Vehicle 52,000 Office Equipment 90,000 Provision for Depreciation of Office Equipment 42,500 Premises 1,003,000 Stock 1st January 2020 43,200 3,021,620 3,021,620