Rahul Sign, the owner of Wood Factory Expert (WFE) has the following accounts balance on 31 December 2021. Capital Drawings Sales Purchases Return inwards Return outwards Inventory, as at 1 January 2021 Delivery van Office equipment Accounts receivable Accounts payable General expenses Insurance Cash in hand Cash in bank Commission received Wages and salaries Long term investments Rent received I RM 600,000 22,500 2,000,000 1,040,000 20,000 10,000 300,000 60,000 120,000 376,500 80,000 3,000 10,000 15,000 40,000 5,000 100,000 600,000 12,000 Additional information: 1. The closing inventory was valued at RM240,000 Required: a. Prepare a Statement of Profit and Loss for the year ended 31 December 2021 b. Prepare a Statement of Financial Position as at 31 December 2021 (10 marks) (5 marks) (Total: 15 marks)

Rahul Sign, the owner of Wood Factory Expert (WFE) has the following accounts balance on 31 December 2021 . Additional information: 1. The closing inventory was valued at RM 240,000 Required: a. Prepare a Statement of Profit and Loss for the year ended 31 December 2021 b. Prepare a Statement of Financial Position as at 31 December 2021 (10 marks) (5 marks) (Total: 15 marks)