The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020.

	Dr (RM)	Cr (RM)
Land	500,000
Building	200,000
Motor vehicles	120,000
Plant and machinery	70,000
Profit b/f as at 01.01.2020		237,650
Capital		438,000
Acc depreciation as at 1.1.2020 : -Building		60,000
-Motor Vehicles		69,250
-Plant & Machinery		40,000
Returns	3,600	4,100
Revenue		800,000
Purchases	400,000
Discounts	5,000

Carriage inwards	7,700
Opening inventory	52,000
Provision for bad debts		2,000
Trade receivables / Trade payable	66,000	43,200
Advertising	18,000
Staff training cost	4,000
Bad debts	12,500
Motor expenses	27,000
Rental	90,000
Bank		7,600
Wages and salaries	126,000
	1,701,800	1,701,800

Additional information:

1. The provision for bad debts should be 4% of trade receivables.

2. Depreciation is to be charged as follows:

-Buildings 2% on cost.

-Plant and machinery 20% on cost.

-Vehicles 25% on cost.

3. The closing inventories is valued at RM57,000.

Required:

1. Prepare the Statement of Comprehensive Income for the year ended 3 December 2020. (19 marks)
2. Prepare the Statement of Financial Position for the year ended 31 December 2020. (11 marks)