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QUESTION 5 (20 MARKS) The following is the trial balance of Gulaloba Sdn Bhd as at 31 December 2020. Particulars Inventory as at 1 December

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QUESTION 5 (20 MARKS) The following is the trial balance of Gulaloba Sdn Bhd as at 31 December 2020. Particulars Inventory as at 1 December 2020 Purchases and sale Carriage Outwards Return Outward Wages and Salaries Utility Delivery cost Discount allowed and discount received Insurance Duty Import Building Account receivable and account payable Furniture and fittings Cash in bank Cash in hand Drawing Capital Debit (RM) Credit (RM) 5,000 22,500 150,400 2,000 600 2,200 1,800 350 750 500 1,400 600 100,000 40,000 13,000 8,000 15,000 2,000 900 38,000 202,500 202,500 The closing inventory was RM5,500 REQUIRED: i. Prepare Statement of Comprehensive Income for the year ended 31 December 2020. (10 marks) ii. Prepare Statement of Financial Position as at 31 December 2020. (10 marks)

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