T.Boon started business in year 2019. He bought office equipment costing RM120,000 on 1 November 2019 and a van costing RM150,000 on 1 December 2019. On 31 December 2020, she bought another van costing RM140,000; and office equipment costing RM120,000 on 1 December 2020. T.Boon applies the depreciation methods as: Office equipment 20% on cost; while Motor vehicles 10% using the reducing balance basis. Depreciation was calculated on office equipment for each month of ownership, and give a full year’s depreciation on van. Required: Show the appropriate items in the extracts of the following for years ended 31 December 2020:

(i) Income Statement 

(ii) The non-current assets section of the Balance Sheet (9 marks) (b) On 1 January 2021 the following balances appeared in the books of a trader:- Accrued Rent received: RM1200, Insurance prepaid: RM1,500; During the trading year, Rent received from tenants amounted to RM159,000, Insurance paid amounted RM24,000. At 31 December 2021, the following information was obtained:- Tenants still owed for rent during the year amounted to RM4,500, and one-quarter of the amount for insurance paid during the year was paid in advance. Required: Show the appropriate items in the relevant extracts of the following for the month of December 2021:

(iii) Income Statement 

(iv) Balance Sheet