Question 1 The following list of balances has been extracted from the books of John, a sole trader, on 31 Mareh 2012. Adetional inrormation: 1. Inventory 31 March 2012 RM6805 2. Wages \& Salaries accrued at 31 March 2012 RM3500, Office expenses owing RM16 3. Rent prepaid 31 March 2012 is RM600 4. Increase the allowance for doubtful debts by RM110 to RM740 5. Provide depreciation as follows : Fixtures and fittings RM190, Van RM1400 Required: (a) Prepare a statement of profit or loss (income statement) for the year ending 31 December 2016. (10 marks) (b) Prepare a statement of financial position as at 31 December 2016. (10 marks) (Total 20 marks)