The following information needs to be taken into account in the preparation of the nal accounts: Inventories as at the year end was valued at RM5,900. Provision for doubtful debts is to be adjusted at 5%. Takaful expenses paid cover up to June 2020. l. 2 3 4. Rental received for the amount of RM330 is still owed. 5 The owner took goods worth RM370 for his family use. 6 Depreciation for the year ended 31 May 2020 has yet to be provided as follows: Plant & Machinery 20% reducing balance method Equipment - 10% straight-line method Required: 3) Prepare a Statement of Profit and Loss for the nancial year ended 31 May 2020. [15 Marks] b) Prepare a Statement of Financial Position as at 31 May 2020. [10 Marks] c) Calculate the depreciation expenses for Plant & Machinery and Equipment from year 2020 until 2022. [5 Marks] QUESTION 1 |30 MARKSI The following is a list balances in the general ledger of Ernan Enterprises at 31 May 2020. RM RM Purchases and Sales 29,000 59,900 Return inwards and outwards 2,300 1,700 Discount allowed and received 600 900 Takaful expenses 1,300 Salary and allowances 2,400 Carriage inwards 270 Cam'age outwards 650 + Bad debts 380 ' .1. Provision for doubtful debts (1 June 2019) 700 Drawings 600 Long term loan 30,000 Inventories (1 June 2019) 7,100 Cash in hand 4,800 Cash at bank 27,700 Account Receivable Account Payable Provision for depreciation Equipment (1 June 2019) Equipment (Cost) Provision for depreciation Plant and Machinery (1 June 2019) Plant and Machinery (Cost) 114,500 Capital 60,000 223,300 223,300