Question 1 The following trial balance was extracted from the books of Jaya Enterprise at 31 December 2020 RM RM 135.000 10.000 800,000 2.100,000 1,170,000 468.000 45,000 890.00 Bank Drawings Inventory as at 1 January 2020 Sales Purchases Accounts receivable Allowance for doubtful debts Accounts payable Rent and rates Heating and lighting Insurance Commission received Bad debts Motor vehicles Returns inwards Returns outwards Furniture and littings Accumulated depreciation: Motor vehicles Furniture and fittings Capitals 128.000 65.000 350.000 42.000 72,000 600.000 20.000 20,000 400,000 180,000 76.000 875.000 4.228.000 4.228.000 Additional information: 1. Inventory at the cost of business has been valued at RM550,000 at market price. 2. The allowance for doubtful debts is to be adjusted to 5% of accounts receivable. 3. Rent due but unpaid RM42,000. 4. The amount shown for insurance on the trial balance includes a premium paid of RM4,200, which represents the annual insurance premium to 31" March 2021. ACC1112 (F) / Page 2 of 4 5. Depreciation is written off non-current assets as follows: Motor vehicles at 10% per annum using straight line basis Furniture and fittings at 10% per annum using reducing balance Required: (a) Prepare the income statement for Jaya Enterprise for the year ended 31 December 2020 (15 marks) (b)Prepare the balance sheet for Jaya Enterprise as at 31 December 2020. (10 marks) (Total 25 marks)