Question 5 Lily has kept records of her business transactions in a single entry form. A summary of her Statement of Financial Position as at 31 December 2018 and 2019 as follows: Receivables Payables Inventories 31 December 2018 (RM) 20,500 17,400 12,000 25,000 31 December 2019 (RM) 31,300 18,500 10,300 27,500 250 Motor vehicle Accrued utilities Prepaid salaries 300 200 450 The following information in Bank account: Receipts Receipts from debtors Cash Sales RM 130,500 5,000 Payments Payment to creditors Cash Purchases Salary Utilities Motor vehicle RM 60,550 4,000 9,900 2,300 5,500 The following information is also available: 1. The business had received a discount of RM750 from creditors and had allowed a discount to its debtors RM950 for the year. 2. On 1 August 2019, Miss lily had incurred sales return and purchases return RM250 and RM150 respectively in carrying out her business. Required: (a) Prepare Creditors control accounts and find the total purchases. (4 marks) (b) Prepare Debtors control accounts and find the total sales. (4 marks) (c) Prepare Statement of Profit and Loss for the year ended 31 December 2019. (7 marks) [15 marks]