QUESTION 1 Given below is the Trial Balance as at 31 October 2021 for Toys Sdn Bhd, a company that sells a variety of toys. CREDIT (RM) DEBIT (RM) 800,000 120,000 48,000 68,000 22,000 780,200 140,300 27,000 24,300 Land and building Motor vehicle Office equipment Accumulated depreciation: Motor vehicle Office equipment Purchases and Sales Accounts receivables and Accounts payables Carriage inwards Returns Discounts Custom duty on purchases Stock as at 1 November 2020 Bank Repair expenses Salaries and wages 6% Loan from XYZ Bank Interest expenses Insurance expenses Water and electricity Bad debt Long term investment Dividend received Commission received Rent received Rates expenses General expenses Capital Drawings 224,600 172,500 21,400 24,000 13,500 33,600 84,400 129,800 21,200 124,000 330,000 18,000 10,800 8,260 5,400 120,000 80,000 24,800 81,000 4,200 35,000 454,660 13,600 2,032,260 2,032,260 The following transactions are to be taken into accounts as at 31 October 2021: i. Closing stock as at 31 October 2021 was valued at RM63,000. ii. Accrued insurance expenses amounting to RM1,200. iii. Rent received in advance was RM2,000. iv. Additional bad debt of RM600 is to be written off. V. Depreciation is provided as follows: Motor vehicle Office equipment RM5,600 RM3,500 vi. Accrued commission received of RM1,300. vii. Toys valued at RM3,000 were taken from business for personal use. viii. Prepaid interest on loan was RM1,800. Required: a. Prepare a Statement of Profit and Loss for the year ended 31 October 2021: (18 marks) b. Prepare a Statement of Financial Position as at 31 October 2021: (20 marks) c. Describe the term of 'current asset'. (2 marks) (Total: 40 marks)