Question 1 (30 marks) The following balances have been extracted from the books of Beryl Berhad as at 31 December 2020 Debit Credit RM RM Copyrights 100,000 Interest expense 10,000 Return inwards and outwards 2600 1,400 Discount received 5,700 Inventory, 1 Jan 97,000 Salary expense 60,400 Carriage inwards 6,780 Utility expense 5,100 Account receivables and Payables 76,200 98,030 Supplies 32,100 Bad debt expense 3,450 Land 400,000 Building 600,000 Motor vehicles 250,000 8% Long term Loan 250,000 Purchases and sales 450,000 950,000 Retained earnings, 1 Jan 186,580 Prepaid Insurance 60,000 Share capital-ordinary 600.000 Accumulated depreciation-Motor vehicles 82,400 Accumulated depreciation Building 120,000 Allowance for doubtful accounts 2.200 Cash 90,680 Dividends 52,000 2,296,310 2,296,310 Additional information: 1. A physical count of the closing inventory on 31 December 2020 showed the value at RM89,000 2. Beryl Berhad has rented one of the shop lots owns by the company to a new tenant on 1 November 2020. The tenant paid the rental for a three- month period. 3. A utility bill for December 2020 amounting to RM650 has not been recorded and will not be paid until January 2021. 4. The company purchase fire insurance for the building on 1 March 2020. The insurance is valid for one year 5. Depreciation is to be charged as follows: Motor Vehicles 20% on reducing balance Building 5% on straight line method 6. Allowance for doubtful accounts amounting to 4 % of account receivable has to be provided 7. A count on supplies on 31 December 2020 showed RM26,700 worth still on hand. 8. Interest on bank loan for half a year was not yet paid. Required: a) Prepare the statement of profit or loss for the year ended 31 December 2020. [14 marks] b) Prepare the retained earnings statement for the year ended 31 December 2020. [2 marks] c) Prepare the statement of financial position as at 31 December 2020. [14 marks]