QUESTION 1 The following trial balance was extracted from the books of Spinach Enterprise as at 31 December 2020. Spinach Enterprise Trial balances as at 31 December 2020. Dr RM Cr RM 70,000 8,000 4,540 3,000 2,500 23,750 40,000 4,500 424,000 Capital Drawings Cash at bank Account receivables Account payables Inventory at 1.1.2020 Van Office Equipment Sales Purchases Return inwards Return Outwards Carriage Inwards Carriage Outwards Motor Expenses Rent Telephone charges Wages & Salaries Insurance Office Expenses Sundry Expenses 327,100 1,600 1,400 3,210 5,567 3,456 9,000 1,580 56,300 3,400 1,850 1,047 497.900 497,900 Note: Inventory at 31 December 2020 was RM35,000 Required: a) Prepare the Statement of Financial Position for the year ended 31 December 2020. (16 marks) b) Statement of Financial Positions (Balance Sheet) as at 31 December 2020. (9 marks)