Question 4 The Thai Balance of Fortune Berhad at 31 August 2020 is given as fotos OR CR RM RM 55.000 20.000 45.000 30.000 10,000 5.000 1 500 45 000 9.000 42.000 11.000 4.500 Ordinary shares capital ex Preference shares Inventory at 1 Sept 2019 10% Loan notes General reserve Accumulated profits Loan notes interest Equipment at cost Accumulated depreciation equipment Motor vehicles at cost Accumulated depreciation - motor vehicles Bank Cash in hand Purchases/Sales Bad debts Return Carnage inwards Wagou & salaries Carriage outwards Rent assessment and insurance Discounts Directors' remuneration Audit fees Provision for doubtful debts Receivables/Payables 130.000 2.600 250 75.000 370 1.200 850 11 500 380 3.800 1.350 4,500 1.500 750 52 000 289 200 350 11,000 289 200 Additional information: 1 Inventory at 31 August 2020 is valued at RM41, 500. The directors proposed a dividend of RMO 10 on the ordinary shares capital. The dividend on preference shares has yet to be paid 6 . Assessment of RM500 and directors' remuneration of RM2,000 are to be accrued Insurance prepaid is RM400, iv. After examining the receivables, an amount of RM1,000 is to be written oft as irrecoverable and an allowance for doubtful debt of 3% is to be provided on the remaining receivables V. Depreciation Equipment 10% on cost: Motor vehicles 15% on reducing balance vi. Transfer to General Reserve RM1.000 vil Corporate tax is RM2,000. Required: Prepare for the management: a The Statement of Comprehensive Income for the year ended 31 August 2020 12 marks) b. The Statement of Financial Position as at 31 August 2020