QUESTION 1

Note write here or use Excel don't use your handwriting

2 don't forget to mention the RM currency in the whole answer

Astrazinica, extracted the following trial balance from her books on 31 December 2020.

Trial Balance as at 31 December 2020

	DR	CR
	RM	RM
Capital	-	520,000
10% Maybank Loan	-	80,000
Interest paid to Maybank Loan	2,000	-
Freehold property	664,000	-
Machines	200,000	-
Machines accumulated depreciation b/f	-	150,000
Office equipment	70,000	-
Office equipment accumulated depreciation b/f	-	28,000
Cash at bank	13,400	-
Sales	-	1,016,000
Purchases	495,600	-
Inventory 1 Jan 2020	90,000	-
Administrative expenses	85,500	-
Selling & Distribution expenses	190,000	-
Trade Receivables	62,000	-
Trade Payables	-	45,000
Retained profits b/f	-	83,500
Fixed deposits	50,000	-
	1,922,500	1,922,500
	-	-
Additional information: - Inventory value at 31 Dec 2020 RM75,000 Depreciation for Machine 10% at cost and equipment 20% at cost. An additional rent of RM3,000 is to be adjusted Remaining loan interest is to be accrued.

Required: Prepare a Statement of Profit or Loss for the year ended 31 December 2020 and Statement of Financial Position as at 31 December 2020.

(25 marks)