Question 5 The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500,000 Building 200,000 w Motor vehicles 120,000 Plant and machinery 70,000 Profit b/f as at 01.01.2020 237,650 Capital 438,000 Acc depreciation as at 1.1.2020 : -Building 60,000 -Motor Vehicles 69,250 -Plant & Machinery 40,000 Returns 3,600 4,100 Revenue 800,000 Purchases 400,000 Discounts 5,000 7,700 52,000 2,000 43,200 Carriage inwards Opening inventory Provision for bad debts Trade receivables / Trade payable Advertising Staff training cost Bad debts Motor expenses Rental Bank Wages and salaries 66,000 18,000 4,000 12,500 27,000 90,000 7,600 126,000 1,701,800 1,701,800 Additional information: i. i. The provision for bad debts should be 4% of trade receivables. ii. Depreciation is to be charged as follows: -Buildings 2% on cost. -Plant and machinery 20% on cost. -Vehicles 25% on cost. iii. The closing inventories is valued at RM57,000. Required: camher Required: Prepare the Statement of Comprehensive Income for the year ended 3 December 2020. (19 marks) b. Prepare the Statement of Financial Position for the year ended 31 December 2020. (11 marks) END OF QUESTION PAPER