Seng Auto, owned by Wei Seng was established on 1 January 2019. The business is a dealer of motorcycle spare parts. The following is the unadjusted trial balance as at 31 December 2020: Debit Credit Accounts RM RM Capital 168,800 Drawings 5,000 Cash 20,000 Debtors 12,000 Allowance for doubtful debts, 1/1/2020 700 Inventory, 1/1/2020 8,000 Prepaid insurance 7,500 Salary 40,000 Utility 4,000 Creditors 4,000 Sales returns 2,000 Sales 91,000 Purchases 40,000 Property and equipment 200,000 Accumulated depreciation property and equipment 20,000 Bank Loan 54,000 Total 338,500 338,500 Additional information: Goods sold and delivered to a customer, Karim, in the amount of RM11,000 on 29th December 2020 is not yet received. This sales transaction is not yet recorded The total sales included RM2,000 deposit from a customer for the booking fees of spare parts. The parts are expected to be delivered on 10 January 2021. iii. It is estimated that the allowance for doubtful debt is RM1,000. The utility expense for December 2020 of RM400 is not yet recorded. The bill will be paid on 5 January 2021).. RM6,000 of insurance is expired. vi. Depreciation of property and equipment is RM20,000. A bank loan of RM60,000 from CEMB bank was approved and received on 1 July, 2020 with 5% interest per annum for 5 years tenure payable every 6 months. Business is using a flat interest rate. Interest and the portion of the bank loan's principal payable were paid on 28th December, 2020. However, the interest payment was not yet recorded in the business book. viii. Inventory count as at 31 December 2020 showed that inventories balance were only RM10,000 in its store Required: (a) Prepare the necessary adjusting journal entries (in general journal format) for fiscal year ended 31st December, 2020. Description is not required). (14 marks) (b) Prepare adjusted trial balance as at 31 December 2020 (4 marks) (c) Prepare statement of profit or loss and other comprehensive income (income statement) and the statement of financial position (balance sheet) for fiscal year ended 31st December, 2020 (20 marks) (d) "Seng Auto practise perpetual inventory recording system". Do you agree or disagree with this statement? Briefly discuss the reason to why you agree or disagree with the said statement (2 marks) i. ii. iv. V. vil. Seng Auto, owned by Wei Seng was established on 1 January 2019. The business is a dealer of motorcycle spare parts. The following is the unadjusted trial balance as at 31 December 2020: Debit Credit Accounts RM RM Capital 168,800 Drawings 5,000 Cash 20,000 Debtors 12,000 Allowance for doubtful debts, 1/1/2020 700 Inventory, 1/1/2020 8,000 Prepaid insurance 7,500 Salary 40,000 Utility 4,000 Creditors 4,000 Sales returns 2,000 Sales 91,000 Purchases 40,000 Property and equipment 200,000 Accumulated depreciation property and equipment 20,000 Bank Loan 54,000 Total 338,500 338,500 Additional information: Goods sold and delivered to a customer, Karim, in the amount of RM11,000 on 29th December 2020 is not yet received. This sales transaction is not yet recorded The total sales included RM2,000 deposit from a customer for the booking fees of spare parts. The parts are expected to be delivered on 10 January 2021. iii. It is estimated that the allowance for doubtful debt is RM1,000. The utility expense for December 2020 of RM400 is not yet recorded. The bill will be paid on 5 January 2021).. RM6,000 of insurance is expired. vi. Depreciation of property and equipment is RM20,000. A bank loan of RM60,000 from CEMB bank was approved and received on 1 July, 2020 with 5% interest per annum for 5 years tenure payable every 6 months. Business is using a flat interest rate. Interest and the portion of the bank loan's principal payable were paid on 28th December, 2020. However, the interest payment was not yet recorded in the business book. viii. Inventory count as at 31 December 2020 showed that inventories balance were only RM10,000 in its store Required: (a) Prepare the necessary adjusting journal entries (in general journal format) for fiscal year ended 31st December, 2020. Description is not required). (14 marks) (b) Prepare adjusted trial balance as at 31 December 2020 (4 marks) (c) Prepare statement of profit or loss and other comprehensive income (income statement) and the statement of financial position (balance sheet) for fiscal year ended 31st December, 2020 (20 marks) (d) "Seng Auto practise perpetual inventory recording system". Do you agree or disagree with this statement? Briefly discuss the reason to why you agree or disagree with the said statement (2 marks) i. ii. iv. V. vil