Question 1 Following are the details of Fire Traders as 1.1.2018 Land (cost) Building (cost) 1 January 2018 31 December 2018 500,000 500,000 200,000 200,000 Equipment (cost) 20,000 41,000 Trade payable 4,200 3,750 Inventory 2,300 2,050 Trader Receivable 19,000 11,000 Accrued Rental 900 1,000 Accrued salaries 800 1,800 Prepaid utilities 700 900 Unearned commission 400 350 Bank (18,500) ??? Total receipts during the year 2018: Trade Receivables Sales Rental Capital Bad Debts Recovered Commission Total payments during the year 2018: Payment to payables Entertainment expense Maintenance fees Training expense Equipment Salaries Utilities Withdrawal Insurance RM76,450 RM42,300 RM8,400 RM8,000 RM1,000 RM2,800 RM24,600 RM760 RM15,320 RM14,800 RM21,000 RM42,000 RM7,200 RM500 RM3,000 Additional Information: There was credit note issued for RM1,000 and credit note received for RM900. All these transactions have been recorded. Discount received RM800, Discount Allowed RM300 and Bad debts RM400. All these transactions have been recorded. Additional withdrawal of goods by owner RM200. All these transactions have been recorded. Equipment above was acquired on 1 August 2018. All equipment is depreciated at rate of 10% per annum. Building has a useful life of 20 year with residual value of RM150,000. REQUIRED TO PREPARE THE PROFIT & LOSS ACCOUNT AND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 showing all the workings