Question 4 - AUGUST 2020 Turq Berhad has the following year-end trial balance: Trial Balance as at 31 March 2020 RM RM 111,450 32,300 5,320 92,360 22,060 3,325 5,600 30,200 35,200 24,600 426,500 18,950 623,300 Directors' remuneration Bad debts Trade receivables and trade payables Delivery expenses Debenture interest paid Administration expenses Warehouse wages Administrative salaries Warehouse rental expense Purchases and sales Inventory at 01.04.2019 Ordinary 50 sen shares Share premium account Dividends paid Retained earnings as at 01.04.2019 Office buildings Vehicles Office equipment Accumulated Depreciation as at 01.04.2019 Office buildings Vehicles Office equipment 7% Debentures (repayable in 2025) Provision of doubtful debts 100,000 50,000 6,000 47,000 275,000 58,000 82,000 24,750 20,880 24,600 95,000 3,900 16,535 Bank TOTAL 1.117.415 1.117,415 The following additional information must be considered: 1. Inventory as at the 31" March 2020 was RM20,650 2. Expenses to be accrued audit fees of RM1,200 3. An amount of RM500 has been prepaid for rent. 4. Office buildings and equipment are for administrative purposes and are depreciated at the rate of 1% and 10% (straight line method) respectively. 5. Vehicles are only used for distribution and are depreciated at 25% per year using the reducing balance method. 6. A debt of RM800 is to be written off and the provision for doubtful debts should be equal to 5% of receivables after making this adjustment. 7. Corporation tax for the year is estimated at RM9,000. Required: Prepare the following financial statements in a form suitable for publication to the shareholders of Turq Berhad in accordance with applicable financial reporting standards in Malaysia