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The following balances were extracted from the books of VE Enterprise on 31 December 2021. Additional information: 1. Inventory as at 31 December 202118,180 2.

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The following balances were extracted from the books of VE Enterprise on 31 December 2021. Additional information: 1. Inventory as at 31 December 202118,180 2. Electricity bills was paid in advanced by RM500. Meanwhile RM400 commission are not received yet. 3. One of the customers Amri Sport Enterprise was declare bankrupt and unable to pay the debt amount RM 700 4. Salaries are accrued by RM140. 5. 'Purchases' include goods valued at RM1,040 that were withdrawn by Azwia for her own personal use. a) Prepare Income Statement for the year ended 31 December 2021 (15 marks) b) Prepare Statement of Financial Position as at 31 December 2021 (10 marks) (Total: 25 Marks)

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