The following balances were extracted from the books of MajuJaya Enterprise on $31$ December $2022.$

Particular RM RM

Capital $50,000$

Motor vehicles $90,000$

Fixtures & fittings $48,500$

Inventory as at $1$ January $202232,200$

Provision for doubtful debts $500$

Accumulated depreciation as at $1$ January $2022$:

Motor vehicles $16,000$

Fixtures & fittings $10,400$

$3\%$ fixed deposit $30,000$

$4\%$ bank loan $50,000$

Sales $199,070$

Purchases $73,500$

Return inwards $2,050$

Return outwards $2,120$

Discount allowed $2,550$

Discount received $2,830$

Account receivables $37,700$

Account payables $48,650$

Carriage inwards $3,570$

Interest received $450$

Commission received $2,600$

Salaries $16,100$

Electricity bills $5,400$

Custom duty on purchases $3,000$

Insurances $450$

Maintenance expenses $3,300$

Drawing $2,300$

Cash in hand $6,800$

Cash at bank $25,200$

Business Accounting $($BAAB$10$ f$4/$

September $2023$ Final Examination

CONFIDENTIA L

Additional information:

$1.$ Inventory as of $31$ December $2022,$ RM $18,180$

$2.$ Depreciation for the year ended $31$ December $2022$ has yet to be provided as follows:

a$.$ Fixtures & fittings. $10\%$ using straight$-$line method

b$.$ Motor vehicles:$15\%$ using reducing balance method.

$3.$ Electricity bills were paid in advance by RM$500.$ Meanwhile, the RM$400$ commission has not been received yet.

$4.$ One of the customers Anthony, was declared bankrupt and unable to pay the debt amount of RM$700$

$5.$ The provision for doubtful debts is to be adjusted to $5\%$ based on remaining account receivables.

$6.$ RM$140$ salaries have not been paid.

$7.$Purchases$$ include goods valued at RM$1,040$ that were withdrawn by owner, Azreen for her personal use.

Required:

a$)$ Prepare a Statement of Profit or Loss for the year ended $31$ December $2022$

b$)$ Prepare a Statement of Financial Position as at $31$ December $2022$