Question 5

The following is the trial balance for Tatt Trading as at 31 October 2021:

	DR	CR
	RM	RM
Bank	6,453
Trade receivables	18,910
Trade payables		22,520
Inventory at 31 October 2020	40,360
Buildings at cost	70,000
Equipment at cost	45,000
Profits b/d		27,000
Capital -		70,000
Purchases	102,360
Sales		165,486
Carriage inwards	2,070
Carriage outwards	1,890
Salaries	18,310
Rates and occupancy expenses	4,735
Repair and maintenance	3,522
Sundry expenses	1,896
Provision for doubtful debts		500
Accumulated depreciation at 31 October 2020:
Buildings		22,000
Equipment		16,000
Drawings	8,000
	323,506	323,506

Additional information:

1. Inventory at 31 October 2021 amounted to RM55,000.
2. Repairs and maintenance owing RM222, sundry expenses owing RM196.
3. Salary accrued amount to RM1,310.
4. RM900 is provided for doubtful debts.
5. Depreciation on cost: Buildings 2 per cent; Equipment 10 per cent.

Required:

Prepare the Statement of Comprehensive Income for the year and the Statement of Financial Position for Tatt Trading as at 31 October 2021. (Total: 40 marks)