The following additional information are available: i Inventory at 31 December 2020 is valued at RM13.000 i. Rates and insurance are prepaid by RM1,500, ii. Wages of RM400 is owed. iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances. Bad debts of RM500 is to be written off. v. Rent of RM400 is due but yet to be paid. vi Long term loan interest is 10% per annum. vi. Depreciation of motor vehicles and furniture & equipment are based on 15% per annum on cost. Machinery is depreciated at 15% per annum on reducing balance method. vii. The director proposed a final ordinary dividend of 10%. ix. The proposed corporate tax rate is 30%. Required: Prepare: a. the Statement of Comprehensive Income for the year ended 31 December 2020. (25 marks) b. the Statement of Financial Position as at 31 December 2020. (15 marks) END OF QUESTION PAPER Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2020. DR CR RM RM Machinery at cost 60,000 Accumulated depreciation as of 1 January 2020-machinery 10,000 Motor vehicles at cost 50,000 Accumulated depreciation as of 1 January 2020-motor vehicles 8,000 Furniture & equipment at cost 25,000 Accumulated depreciation as of 1 January 2020-furniture & equipment 5,000 Long term loan (repayable on 30 November 2022) 30,000 Ordinary share capital 50,000 9% preference share capital 30,000 Trade receivables & payables 38,000 21,000 Allowance for doubtful debts 400 Sales & purchases 190,000 303,600 Salaries & wages 24,000 Bank Bad debts Returns Discounts Loan interest Telephone expenses Rent, rates and insurance Inventory as of 1 January 2020 Retained earnings as of 1 January 2020 34,500 600 2,100 1,950 1,600 1,850 1,500 4,000 16,000 4,500 10,000 - 461,800 461,800