Question 3 Balances of account for J-Mart Smartshop as at 31 December 2020 are shown below: Cash in hand Trade receivables Trade payables Inventory as at 1 January 2020 Insurance expenses Office equipment at cost Accumulated depreciation for office equipment Import duty Commission received Motor vehicles at cost Accumulated depreciation for vehicles Return inwards Return outwards Purchases Sales Bank Discount received Discount allowed Salary and wages General expenses Rental received Vehicles maintenance Drawings Bad debts Provision for doubtful debts Shop building Maintenance of shop building Capital RM 12,000 43,800 48,200 25,000 18,400 23,000 3,450 2,800 3,000 75,000 15,000 1,800 2,000 126,600 235,000 54,100 4,800 5,200 36,000 4,300 22,000 5,700 4,600 5,100 8,040 200,000 5,800 ? Additional information: 1) Inventory as at 31 December 2020 valued at RM21,980. 2) Office equipment and motor vehicles will be depreciated at 15% and 20% per annum respectively using reducing balance method. 3) Provisions for doubtful debts were adjusted at 3% from total trade receivables. 4) Drawings of cash amounting RM860 for personal used has not been recorded in any books of accounts yet. 5) Accrued commission received is RM465. 6) Part of the shop was rented out to third party at agreed rate of RM2,000 per month. 7) Salary and wages for the month of January 2021 of one staff has been paid in December 2020 worth of RM2,600. Required: a) Calculate the capital amount as 31 December 2020. (3 marks) b) Prepare a Statement of Profit or Loss (Income Statement) for the year ended 31 December 2020 for J-Mart Smartshop. (12 marks) c) Draw up a Statement of Financial Position (Balance Sheet) as at 31 December 2020 J-Mart Smartshop. (10 marks) for (Total: 25 Marks)