(Question 1) Brave Bhd is a a company that manufactures dining table. The following information is extracted from the business Trial Balance as at 31 May 2020. Debit (RM) Credit (RM) Inventory as at 1 June 2019 2.800 Capital 107.000 Drawings 3.750 Purchases and sales 15.900 50,300 Return inwards and outwards 2.900 1.500 Account receivables and 8,000 payables 5,385 Investment in Fixed Deposit 23.000 Carriage inwards 8,420 Carriage outwards 450 Bank 80.200 Interest expenses 220 Rent received 1,200 Commission received 1,875 Advertisement 500 Salaries and wages 10,250 Insurance 875 General office expenses 250 Utility expenses 625 Water and electricity 3,670 Discount allowed and received 2,500 3,650 Building 96.600 Office equipment 48,000 Motor vehicle 42,000 Long term loan 180,000 350,910 350,910 Additional Information: (0) Inventory as at 31 May 2020 was valued at RM 3,850. Rent received of RM 1,000 was outstanding, Salaries and wages paid in advanced at 31 May 2020 amounted to RM820. PRINCIPLES OF ACCOUNTING 2/9 CONFIDENTIAL (iv) Depreciation is to be provided as follows: Assets Building Motor vehicle Office equipment Depreciation policy Straight line method with useful life of 30 years 10% on straight line method 15% on straight line method (v) The owner has taken goods worth RM5,000 as a gift for his son's wedding celebration. You are required to prepare: (a) Statement of Profit or Loss for the year ended 31 May 2020. (15 marks) (b) Statement of Financial Position as at 31 May 2020. (10 marks)