The following balances were extracted from the books of Albaba Bookstore, a sole trader on 30 June 2020. Alibaba Bookstore List of balances as at 30 June 2020 Descriptions RM 381,900 Sales Purchases Inventories Sales retums Purchase retums Carriage inwards Discount allowed Discount received 286,500 29,400 10,500 7,600 14,700 2,400 1,800 Wages and salaries Insurance expenses Printing and stationery expenses Postape and telephone expenses Electricity expenses Bad debts Provision for doubtful debts Advertising expenses Sales commission expenses Building at cost 36,600 3,300 14,400 9,600 8,400 8,100 3,600 9,300 15,300 104,400 36,300 Motor vehicles at cost Accumulated depreciation Building Motor vehicles Bank overdraft 16,500 18,000 10,200 78,600 Trade receivables Trade payables Capital Drawings 61,500 200,000 30,800 As at 30 June 2020 the following additional information are available: 1) Value of inventories as at 30 June 2020 was RM128,500, 2) Depreciation is to be provided at the following rates: Buildings:10% p.a on cost Motor vehicles: no scrap value, with an estimated useful ife of 10 years. 3) Alibaba paid by cheque for the purchase of colour laser printer on 20 May 2020 for residual value of RM5,600. The equipment is expected to have an estimated useful life of 4 years and residual value of RM1,800. Depreciation is to be provided using the reducing balance method giving a full year's depreciation regardless of date purchase. Accounting entries have not been made for the purchase and depreciation. 4) Electricity incurred and amounted to RM900 was not recorded. 5) Additional bad debts of RM1,600 are to be written off and the provision for doubtful debts is to be set at the rate of 5% on balance on trade receivables at year end. Required: a) Prepare Alibaba Bookstore's Statement of Profit and Loss (post adjustments) for the year ended 30 June 2020. (20 marks) b) Prepare Albaba Bookstore's Statement of Financial Position (post adjustments) as at 30 June 2020. (20 marks) (Total: 40 Marks)