Question $2$

The following list of balances was extracted from the books of Super Maju Enterprise as of $31$ December $2021.$

$\backslash$table$[[,$RM$,$RM$],[$Purchases$,87,250,],[$Sales$,,152,000],[$Return inwards,$3,000,],[$Return outwards,,$2,250],[$Drawings$,4,750,],[$Inventory $(1$ January $2021),13,000,],[$Buildings$,79,750,],[$Motor vehicles $($cost RM$34,750),22,150,],[$Fixtures and fittings $($cost RM$24,250),19,350,],[$Cash at bank,$15,600,],[$Salaries$,17,000,],[$Carriage inwards,$3,150,],[$Carriage outwards,$4,300,],[$Account receivable,$29,750,],[$Account payable,,$14,750],[$Water and electricity,$3,640,],[$Insurance$,2,160,],[$Allowance for doubtful debts,,$500],[$Discount allowed,$150,],[$Discount received,,$100],[$Rent revenue,,$4,250],[$Rates$,3,000,],[$Loan from Affin Bank,,$24,750],[$Interest on loan,$750,],[$Commission revenue,,$250],[$capital$,,109,900],[308,750,3087,50]]$

The following additional information is available as of $31$ December $2021$:

a$)$ Rent revenue received in advance amounting to RM$750.$

b$)$ The loan from Affin Bank was taken on $1$ July $2021$ and the interest charged is $8\%$ per annum.

c$)$ Depreciation:

Motor vehicle $-20\%$ per annum on reducing balance method.

Fixtures and fittings $10\%$ per annum on straight$-$line method

d$)$ The rate accrued was RM$50.$

e$)$ Insurance expenses amounting to RM$360$ are for January $2022.$

f$)$ Commission revenue of RM$500$ was still not received.

g$)$ Provision for doubtful debts should be increased by RM$750.$

h$)$ The owner took RM$1,000$ cash to pay his son$$s hospital bill.

i$)$ Inventory as of $31$ December $2021$ is RM$19,050.$

Required:

a$)$ Prepare Super Maju Enterprise$$s Income Statement for the year ending $31$ December $2021.(8$ marks$)$

b$)$ Prepare Super Maju Enterprise$$s statement of financial position as of $31$ December $2021.(7$ marks