Syafiq Kylex started HealthPro Pte Ltd on 1 January 2021. The shop sells a wide range of health supplements and also conducts short classes on nutrition.

Syafiq prepared the following Profit and Loss Statement and Balance Sheet for the business after6 months of operationsand thinks that there are errors in the statements. He needs your assistance to check and prepare the correctedclassifiedProfit and Loss Statement and Balance Sheet.

Course Fee Revenue Accrued Revenue Sales Revenue Less: Cost of Goods Sold 60,400 Gross Profit 90,660 Less: Operating Expense Selling Expense Office Salaries Expense 27,600 Advertising Expense 3,000 Accrued Expense 800 31,400 General and Administrative Expense Salesmen Salaries Expense 7,800 Interest Expense 480 Depreciation - Delivery Van 16,500 Delivery Van Expense 2,300 27,080 Financial Expense Prepaid Expense 6,500 Bank Charges 300 Rent Expense (refer to Note 1) 8,800 15,600 74,080 Net Profit 16.580Equity $ Capital 65,000 Add: Net Profit 16,580 Less: Drawings 7,000 74.580 Represented by: Current Assets Cash at Bank Inventories 34,000 Accounts Payable 3,400 Delivery Van 26,500 Add: Accumulated Depreciation - Delivery 3,300 29,800 102,480 Van Less: Current Liabilities Loan from DBS (refer to Note 2) 19,500 Working Capital 82,980 Non-Current Assets Unearned Revenue 5,000 Total Assets 87.980 OProfit and Loss Statement F $ $+ Balance Sheet