The trial balance of Protege Enterprise as at 31 December 2019 is as follows:

The trial balance of Protege Enterprise as at 31 December 2019 is as follows: Debit Credit (RM) RM) Account receivables payables 185.520 72.440 Carriage inwards 3.520 Inventory as at 1/1/2019 65.980 Camage outwards 4,360 Discount allowed/received 2.680 60 Electricity and water 25.100 Loan from Maybank (long-term loan) 80.000 Return inwards/outwards 3.840 3,580 Bank 10,400 Premises 160.000 Motor vehicles 56.000 Furniture and fittings 27.800 Cash 2.160 Accumulated depreciation - Motor vehicles 20.160 Accumulated depreciation - Furniture and fittings 8.280 Salaries and wages 68.800 Bad debts 2.940 Rent received 7,500 Printing and stationeries 9,400 Drawings 3.560 Insurance expenses 18,200 Purchases/sales 592.380 844.300 Allowance for doubtful debts 5.920 Capital as at 1/1/2019 180.000 1.222.240 1.222.240 The following information needs to be taken into consideration: 1. Depreciation are to be provided based on the following: Motor vehicles -20% on book value, yearly basis Furniture and fittings - 10% on cost, yearly basis 2. A portion of the business premise was rented out for RM1,500 per month A starting from 1 September 2019. 3. A debtor, Tania was declared a bankrupt in June 2019. The amount owed by him amounting to RM2,720 has not been adjusted yet. 4. A debtor, Azeem paid RM740 cash for his debt which had been written off two years ago. 5. It is the company policy of the firm to provide 5% allowance for doubtful debts on the outstanding account receivables. 8. Maybank approved the loan in July 2019 and charged interest at the rate of 8% per annum. 7. The amount of insurance premium paid is for a coverage period of 13months starting from August 2019. 8. The expenses below are still outstanding as at year end: Salaries and wages RM4,690 Electricity and water RM 710 9. The owner had consumed some goods worth RM12,880 and withdrew cash RM1,000 for personal use. 10. Inventory as at 31 December 2019 was RM69.900. Required: a) Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019. (28 marks) b) Prepare a Statement of Financial Position as at 31 December 2019. (12 marks) (Total: 40 marks)