Question $4(35$ Marks$)$

The Jumbo Enterprise operates its business in Klang Valley. The following are the trial balance as of $31$ December $2020$ and other information related to Jumbo Enterprise.

$\backslash$table$[[,$Debit $($RM$),$Credit $($RM$)],[$Equipment$,80,000,16,000],[$Accumulated depreciation$-$Equipment,,$],[$Motor Vehicle,$260,000,],[$Motor Vehicle maintenance,$2,370,],[$Capital$,,300,000],[$Accounts receivable,$43,800,],[$Accounts payable,,$45,500],[$Cash$,74,370,],[$Loan from Public Bank,,$20,000],[$Prepaid insurance,$24,000,],[$Returns inwards,$5,630,],[$Returns outwards,,$5,250],[$Purchases and Sales,$190,070,484,860],[$Supplies$,1,740,],[$Telephone and internet charges,$5,430,],[$Rent expense,$48,000,],[$Salary expense,$90,900,],[$Inventory $1$ st January $2020,21,450,],[$Drawings$,12,440,],[$Discount allowed,$4,260,],[$Discount received,,$],[$Carriage inwards,$13,500,6,350],[,877,960,8]]$

The following additional information is available as at $31$ December $2020$:

i$.$ Inventory as at $31$ December $2020$ was valued at RM$18,360.$

ii$.$ Invoices representing RM$1,100$ of services performed in December have not been recorded as of $31$ December $2020.$

iii. The owner has decided to write off an additional of bad debts amounting to RM$3,230.$

iv$.$ Equipment is depreciated at $20\%$ per annum using reducing balance method while motor vehicle is depreciated at $20\%$ per annum on cost using straight line method.

v$.$ The prepaid insurance is for a $12-$month policy purchased by cash on $1$ April $2020.$ The policy is effective from $1$ April $2020.$

vi$.$ Interest on loan from Public Bank at $6\%$ per annum has not been paid.

vii. A record of supplies shows RM$550$ of unused supplied on $31$ December $2020.$

viii. Telephone and internet charges outstanding amounted to RM$1,450.$

ix$.$ The owner took RM$3,500$ to pay his son's hospital bill.

Required:

a$.$ Show the necessary journal entries for the above adjustments.

marks$]$

b$.$ Prepare the statement of profit or loss for the year ended $31$ December $2020.$

$[14$ marks$]$

c$.$ Prepare the statement of financial position as at $31$ December $2020.$

$[12$ marks$]$