QUESTION 3 Puan Nabila is the owner of Teguh Trading. She has asked you to prepare the financial statements for 2013 based on the following trial balance as at 31 December 2013 Debit (RM) Credit (R 34 nts receivable and Accounts payable 300 Bank 8% fixed deposit Land (at cost) Fixtures and fittings (at cost) Motor vehicles (at cost) iniventories as at 1 January 2013 Prchases and Sales 22,300 24,000 64,500 9 800 25,000 38,000 129,000220 900 Capital 123,700 Commission received Accumulated depreciation as at 1 January 2013 2,500 Fixtures and fittings Motor vehicles 4% bank loan Salaries expenses 1.950 15,500 35 500 28,000 3,200 660 1,400 Carriage outwards Carriage inwards nwards 3,1605500 270 Allowance for doubtful debts as at 1 January 2013 Salesman's commission General expenses Advertisement 2,000 12,900 14,500 Water and electricity Rental 3 500 12,500 440,720 440,720 Additional Information: 1 The closing inventories were valued at RM47 ,450 2 Depreciation is to be provided as follows: Non-current Asset Motor vehicles Fixtures and fittings Rate 00% 10% Method Straight line method, yearly basis Reducing balance method, yearly basis 3 Allowance for doubtful debt is to be increased by RM630. 31o Rental still accrued amounted to RM2.500. A , X00 AE RM400 of salesman commission paid is for the next accounting period. Pf seeo 6. The business has not received any interest on fixed deposit yet 7 RM4,000 salaries expenses was paid in advance. pe3n 8 Puan Nabila had withdrawn RM600 by cheque to purchase some old furniture for her personal use. An additional amount of cash for RM10,000 was brought into the business to be put in as capital. No record was made of it. General expenses amounting to RM500 has been wrongly recorded. It should be transferred to water and electricity Required: a. The Statement of Profit or Loss for the year ended 31 December 2013. (16 marks) b. The Statement of Financial Position as at 31 December 2013. (14 marks) (Total: 30 marks)