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. Debit (RM) Credit (RM) 80,000 Equipment Accumulated depreciation-Equipment Motor Vehicle Motor Vehicle maintenance 16,000 260,000 2,370 Capital 300,000 43,800 45,500 74,370 20,000 24,000 5,630 Accounts receivable Accounts payable Cash Loan from Public Bank Prepaid insurance Returns inwards Returns outwards Purchases and Sales Supplies Telephone and internet charges Rent expense Salary expense Inventory 1" January 2020 Drawings Discount allowed Discount received Carriage inwards 5,250 484,860 190,070 1,740 5,430 48,000 90,900 21,450 12,440 4,260 6,350 13,500 877,960 877,960 The following additional information is available as at 31 December 2020: i Inventory as at 31 December 2020 was valued at RM18,360. ii. Invoices representing RMI,100 of services performed in December have not been recorded as of 31 December 2020, in. The owner has decided to write off an additional of bad debts amounting to RM3,230. 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 poliey 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. vil. A record of supplies shows RM550 of unused supplied on 31 December 2020, viii. Telephone and internet charges outstanding amounted to RM1,450. it. The owner took RM3,500 to pay his son's hospital bill. NTIAL 202109/SEM103 Required: a. Show the necessary journal entries for the above adjustments. b. Prepare the statement of profit or loss for the year ended 31 December 2020. c. Prepare the statement of financial position as at 31 December 2020. [9 marks] [14 marks] [12 marks]