The following trial balance has been extracted from the accounts of Clouds Enterprise.

Clouds Enterprise

Trial Balance as at 31^st December 2019

Accounts	Debit (RM)	Credit (RM)
Office Equipment	100,000
Motor vehicle	50,000
Furniture	30,000
Accumulated depreciation:
Office equipment		20,000
Motor Vehicles		10,000
Furniture		4,500
Fixed deposits	62,100
Purchases	410,500
Sales		618,000
Duties on purchases	3,500
Carriage inwards	2,950
Carriage outwards	3,300
Return inwards	6,700
Return outwards		4,900
Inventory as 1 January 2019	15,500
Discount received		8,840
Discount allowed	2,000
Allowance for Doubtful Debts		1,800
Bad debt	1,200
Wages and salaries	110,700
Water and electricity	12,000
Insurance expenses	12,400
Rent received		25,250
Maintenance expenses	10.000
Telephone expenses	14,400
Interest expenses	900
Account receivables	58,900
Account payables		60,050
Bank	50,500
Drawings	14,000
Capital		168,210
Loan from Money Bank (3% per annum)		40,000
Total	961,550	961,550

Additional information:

1. Inventory as at 31 December 2019 was RM20,000.
2. Insurance expense amounted to RM3,600 was for the period of 6 months from 1^st October 2019 to 31^st March 2020.
3. Rent received of RM8,000 is for the period of December 2019 to 31 March 2020.
4. Electricity and water of RM700 were not included the accounts.
5. The owner took out cash worth RM4,000 for personal use.
6. Additional bad debt of RM800 were to be written off.
7. Allowance for doubtful debts is to be adjusted to 4% of net account receivables.
8. Depreciation is to be charged as follow:

1. Office Equipments 20% on reducing balance method
2. Motor Vehicles 15% on straight line method
3. Furniture 20% on straight line method

Required:

1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31^st December 2019. (vertical format)

1. Prepare the Statement of Financial Position as at 31^st December 2019 (vertical format)