QUESTION 2

ABC Trading

Trial Balance as at 31 December 20X2

PARTICULARS	DEBIT (RM)	CREDIT (RM)
Sales		100,000
Purchases	45,000
Return inwards	100
Return Outwards		140
Carriage outwards	330
Opening inventory	1,200
Electricity, telephone and water	200
Discount allowed	130
Discount received		180
Salary	3,400
Repairs of motor vehicles	690
Printing and stationery	300
Debtors	8,000
Creditors		13,000
Long term loan		10,000
Bank	19,500
Cash	500
Motor Vehicles	30,000
Furniture & fittings	20.400
Capitals		7,230
Drawings	800
TOTAL	130,550	130,550

Inventory as at 31 December 20X2 is RM3,000.

From the following trial balance of ABC Trading you are required:

1. Prepare a statement of profit or loss for the year ended 31 December 20X2 ;
2. a statement of financial position as at 31 December 20X2.