QUESTION 4 (30 MARKS) The following trial balance has been extracted from the books of Silver Sky Enterprise for the year ended 31 December 2021. Silver Sky Enterprise Trial Balance as at 31 December 2021 DR (RM) CR (RM) Inventory as at 1 December 2021 25,187 Drawing 18,500 Account receivable and account payable 22,776 10,238 Rent 12,800 Advertising and promotion 1,750 Insurance premiums 1,900 Purchases and sales 99,817 182,208 Loan from CIMD Bank (15%) 50,000 Repair and maintenance 1,799 Utility 2,575 wages and salaries 45,012 Loan interest 3,750 Allowance for doubtful debt 500 Heating and lighting 7,500 Plant and machinery 63,260 Accumulated depreciation 18,925 Office expenses 5,817 Capital 53,000 Motor vehicle 21,557 Accumulated depreciation 11,317 Bank overdraft 7,812 334,000 334,000 Additional information to be taken into account: i. Inventory as at 31 December 2021 was valued at RM27,515. ii. Loan interest for 6 months ended 31 December 2021 is outstanding. iii. Rent paid in advance at 31 December 2021 amounted to RM870. iv. Depreciation of machinery was to be provided for at 10% of cost and a motor vehicle at 20% of their carrying value. V. Accrued advertising cost RM250 and wages and salaries of RM415 were to be allowed for. Required to prepare: (a) Statement of Profit or Loss for the year ended 31 December 2021. (15 marks) (b) Statement of Financial Position as at 31 December 2021. (15 marks) -END OF QUESTIONS- Page 6 of 6