Question: The following trial balance has been extracted from the ledger of Azwin, a sole trader as at 31 May 2019, the end of her most recent financial year. Credit(RM) Debit(RM) 90,000 57,500 Property, at cost Equipment ,at cost Accumulated depreciation (as at 1 June 2018) 12,500 Property 32,500 Equipment Inventories as at 1 June 2018 Purchases 27,400 259,600 Sales revenue 405,000 Discount allowed 3,370 4,420 52,360 1,720 1,560 5,310 46,200 Discount received Wages and salaries Bad debts Loan interest Carriage outwards Other operating expenses Trade receivables Trade payables Provision for doubtful debts Cash Bank overdraft Drawings 13% long term loan Capital 33,600 280 151 14,500 28,930 12,000 98,101 612,90 612,901 The following additional information as at 31 May 2019 is available: i. ii. O O iii. iv. Inventories as at the close of business were valued at RM25,900. Depreciation for the year ended 31 May 2019 has yet to be provided as follows: Property: 1% using straight line method. Equipment:15% using reducing balance method. Wages and salaries are accrued by RM140. 'Other operating expenses' include certain expenses prepaid by RM500. Other expenses included under this heading are accrued by RM200. The provision for doubtful debts is to be adjusted so that it is 0.5 percent of trade receivables as at 31 May 2019. 'Purchases' include goods valued at RM1,040 that were withdrawn by Azwin for her own personal use. V. vi. Required: a. Prepare a Statement of Profit or Loss for the year ended 31 May 2019. (10 marks) b. Prepare a Statement of Financial Position (Balance Sheet) as at 31 May 2019. (10 marks)