Question 1 and 2 are related to Exist Enterprise. Both questions need to be answered together. Omar is the owner of Exist Enterprise and he does not keep proper accounting record of his business due to his lack of knowledge in the double entry system of accounting. Omar has appointed you to assist him in generating a complete record of his business result. From the limited records, the following information was retrieved: Information on assets and liabilities Item Plant and machinery (net value) Motor vehicle (net value Trade receivables Trade payables Cash and bank balances Inventories Accrued utilities Accrued salaries 1/1/2019 (RM) 65,000 38.000 55.000 29.600 47.000 18.500 800 2,000 31/12/2019 (RM) 55,000 34,500 69,000 33,800 5.000 2,800 4,500 The cash book record 2019 Cash book Receipts RM Payments Debtors 32.500 Creditors Sales 85,000 Salary Rent 2,700 Utilities Interest 5,250 Repair expenses Insurance Purchase machine Purchases Drawings RM 28,000 13.000 1.060 2.600 4,500 6,000 18,000 5.000 FINANCIAL ACCOUNTING II 2/10 CONFIDENTIAL Additional information: (1) A trade debt of RM 300 is to be written off as bad debt. (ii) Discount received during the year totaled RM2,100 and discount allowed is RM4,000. Owner took RM1,000 inventories for his personal usage. In addition owner bought RM2,500 machine for company's usage in 2019 using his own money. (iv) Included in the utility paid is the owner's residential house utility bill total RM150 (v) Outstanding bill for repair and maintenance of motor vehicle RM2,000 have not been recorded. 1. You are required to prepare: Statement of Profit or Loss for the year ended 31 December 2019 for Exist Enterprise. (Note: Show all workings in detail). (25 marks)