QUESTION 13. Thank you in advance!!

Question 13 Encik Aril, the owner of ARICO Trading, has appointed you as an accounts clerk to help him prepare the financial statements of his business. The following is the trial balance of ARICO Trading as at 31 March 20x8 along with some additional information: Credit (RM) Debit (RM) Accounts payable 42,540 Accounts receivable 73,230 Advertising expenses 7,845 Bad debts expenses 8,400 Capital 672,000 Carriage inwards 18,780 Cash at bank 221,400 Discounts allowed 16,800 Discounts received 33,675 Dividend received 48,300 General expenses 7,596 Import duties 3,150 Insurance expenses 44,070 Interest on loan 7,200 Land and building 750,000 6% Loan from AEON Bank 240,000 Motor van 159,600 Office equipment 147,150 Accumulated depreciation: - Motor van 33,300 - Office equipment 43,860 Debit (RM) Credit (RM) Allowance for discount allowable 7,560 Allowance for doubtful debts 14,250 Purchases 979,500 Rent received 25,872 Returns inwards 11,340 Returns outwards 7,560 Sales 1,667,370 Commission received 7,500 Inventory as at 1 April 20x7 126,600 Telephone expenses 8,100 Wages and salaries expenses 235,446 Water and electricity expenses 17,580 2,843,787 2,843,787 Additional information: 1 Depreciation for the year were as follows: (i) Motor van at 15% on cost per annum (ii Office equipment at 20% on cost per annum 2 Inventory on 31 March 20x8 was valued at RM91,800. 3 Only 50% of the interest on a loan had becn paid for the year 4 Delivery charges incurred amounting to RM13,500 (to send goods to outstation customers) had been paid during the year, but no record had been made in the cash book. 5 Debts of RM1,080 are to be written off as bad and the allowance for doubtful debts is to be adjusted to 12% of outstanding debtors. Allowance for discount allowable is to be adjusted to 10%. 6 Rent received amounting to RM1,500 is for April 20x8. 7 A telephone bill for RM11,700 was not yet paid. 8 Commission of RM10,500 is still not yet received 9 The owner had taken RM2,430 worth of the goods for his daughter's party and had drawn out RM12,000 from the business bank account for his personal use. No record had been made in the books 10 On 1 April 20x7, ARICO Trading had withdrawn RM54,000 from the bank account and invested the amount in Saham Mesra Rakyat Bhd. As at 31 March 20x8, 4% dividend was received. None of the transactions had been recorded in the books. Reiord m mveshment undler non- CliIyent osers Required (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 20x8 (b) Prepare the Statement of Financial Position as at 31 March 20x8