Q1. The following is the trial balance of Winsor Bhd as at 30 September 2019: Debit RM Credit RM 1,000,000 250,000 1,600,000 246,900 91.000 94,000 112,000 83,000 78,000 1,652,500 100,000 ordinary shares (RMI each) 50,000 7% preference shares (50 sen each) Land and buildings at cost Plant and machinery (cost RM300,000) Equipment (cost RM130,000) Inventory at 1 October 2018 Trade receivables Trade payables Bank overdraft Purchases/Sales Directors' remuneration Salaries Insurance expense Distribution expenses Debenture interest 10% debentures Provision for doubtful debts Retained earnings Ordinary dividends paid - interim Audit fees Revaluation reserve Bad debts Listed investments to be held more than 1 year) Investment income Cash on hand 535,300 120,000 487,100 46,500 168,700 12,000 240,000 9,100 275,800 32,500 7,500 70,600 7,000 80,000 6,500 25,000 Total 3.665,500 3.665,500 Additional information: Inventory at 30 September 2019 is valued at RM134,800. Insurance expense include a payment of RM23,000 for the six months from 1 July 2019. Question 1 (Continued) Depreciation on plant and machinery is 15% per annum on cost, and the equipments were valued at RM78,000 on 30 September 2019. Goodwill did not suffer any diminution in value. The company does not depreciate its land and buildings The provision for doubtful debts is to be adjusted to 10% of the trade receivables at the end of the year The preference share dividends are outstanding at the end of the year and the last half year's interest on the debentures has not been paid. The directors having sought the advice of an independent valuer, wish to revalue the land and buildings at RM1,750,000. The directors have proposed a final dividend on the ordinary shares of 13 sen per share. The tax expense on this year's profits is RM63,700. Required: (a) Prepare the Statement of Profit or Loss for the year ended 30 September 2019. (20 marks) (b) Prepare the Statement of Financial Position as at 30 September 2019. (20 marks)