Question 1 The trial balance below was extracted from the books of Ceria Enterprise as at 31 December 2020 RM RM 10,100 11,000 1,100 1,000 400 800 750 Capital Sales Insurance expenses Utility expenses Discount received Interest received Trade receivable Provision for doubtful debt Purchases Drawings Beginning inventory Motor vehicle Accumulated depreciation -motor vehicle Return inwards and return outwards 350 9,750 550 3,000 8,000 500 24,650 1,600 400 24,650 Additional information: 1) Closing inventory at 31 December 2020 is RM 6,000 2) Accrued insurance expenses is RM100. 3) Accrued discount received is RM50. 4) Prepaid utility expense is RM200. 5) Prepaid interest received is RM300. 6) Provision for doubtful debt is to be adjusted to RM400. 7) Depreciate motor vehicle at 10% per annum using straight line method. 8) Drawings of goods RM500. Required: a) Prepare a Statement of Profit or Loss for the year ended 31 December 2020. (20 marks) b) Prepare a Statement of Financial Position (Balance Sheet) as at 31 December 2020. (20 marks)