The following is the trial balance of Letop Trading as at 31 December 2018 Particular Debit (RM) Credit (RM) Inventory on 1 January 2018 17,600 Purchases and Sales 69.185 91,920 Carriage inwards 1.570 Return outwards 6401 Wages and salaries 11,020 Rent 4.015 Water and electricity 1.974 Discount received 888 Insurance 1.175 Trade receivables and payables 14,320 8.160 Cash at bank 2.970 Drawings 7.620 Capital 56.731 Long term loan 10,000 Insurance on purchase 1.400 Interest received 1,300 Carriage outwards 700 Bank charges 600 Printing and stationery 780 Interest on loan 440 Discount allowed 570 Motor vehicles 10.000 Fixtures and fittings 25,500 Bank overdraft 1,800 171,4391 171,439 Additional information: i. Closing inventory were valued at RM5,500. ii. Ms Azira took goods worth RM200 for her private use which has not been accounted for in the book. iii. Provision for doubtful debts is estimated to be at 5% of account receivable. iv. Depreciate fixtures and fittings at 10% per annum and office equipment at 15% per annum on cost using straight line method. v. Electricity expenses owing was RM250. vi. RM100 of the insurance expense was insurance for the next accounting period. Required: a) Prepare a Statement of Profit and Loss for the year ended 31 December 2020. b) Prepare a Statement of Financial Position as at 31 December 2020