Question 1

The following trial balance was extracted from Perniagaan Kacau Bilau (PKB) on 31^st December 2019.

	Debit RM	Credit RM
Capital		14,500
Cash at bank	4,900
Cash in hand	2,000
Discount allowed	560
Discount received		500
Drawings	2,500
Machine at cost	1,700
Fittings at cost	10,500
Electricity	900
Rent	1,850
Purchases	13,000
Sales		20,000
Inventory as at 1st January 2019	1,800
Account payables		6,910
Account receivables	2,200
	41,910	41,910

Additional information:

1. Inventory as at 31^st December 2019 RM3,000.
2. Prepaid rent is RM200.
3. Accrued electricity id RM150.
4. Depreciation for fittings is RM500 per annum.
5. Machine is depreciated at 10% per annum on the original cost. From the above information, you are required to:
   1. Prepare Statements of Comprehensive Income (Income Statement) for the year ended 31^st December 2019. (20 marks)

2. Prepare Statements of Financial Position (Balance Sheet) as at that date. (20 marks)