QUESTION 7. Thank you in advance!!

The following accounts balances were extracted from the books of Samad & Co. Sdn. Bhd for Question 71 the accounting period ended 31 December 20x8. RM 470,612 Capital 120,000 Motor vehicles 300,000 Land and building 80,000 Fixtures and fittings Accumulated depreciation: 48,000 Motor vehicles 40,000 Fixtures and fittings 10,200 Utilities 12,860 Water and electricity Bad debts 11,254 Allowance for doubtful debts 1,800 Inventory (1 January 20x8) 31,000 Discounts received 4,136 Discounts allowed 3,310 Purchases 80,000 Sales 140,000 Cash at bank 47,040 Cash in hand 16,112 Drawings 2,000 Accounts payable 60,000 Accounts recelvable 36,240 16,252 Insurance Salaries 19,600 Carriage expenses 1,200 24,000 Rental income 8,000t Purchase ) COGS Import duties 5,000 Advertising 11,320 Interest revenue Returns outwards 1,200 1,000 Returns Inwards Additional information I Inventory as at 31 December 20x8 was RM30,000. 2 Water and electricity bill amounting to RM500 still remained unpaid. 3 Interest revenue amounting to RMI,400 has not yet been received 4 The owner took out RM1,000 cash to celebrate his daughter's birthday. 5 Out of the total carriage expenses, RM600 was for carriage inwards. 6 Salaries amounting to RM800 were still not paid. 7 Depreciation is to be provided at the following basis: 20% on cost (i) Motor vehicles (ii) Fixtures and fittings 10% on reducing balance method 8 Allowance for doubtful debts is to be provided based on the accounts receivable's balance at the rate of 5%. Required: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 20x8 (b) Prepare the Statement of Financial Position as at that date (vertical format required)