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The Trial Balance of Sunbright Enterprise, a sole proprietorship on 31 December 2021 is as follows: Trial Balance as at 31 December 2021 You are
The Trial Balance of Sunbright Enterprise, a sole proprietorship on 31 December 2021 is as follows: Trial Balance as at 31 December 2021 You are given the following additional information: 1. Inventory in hand on 31 December 2021 was RM25,000. 2. The salaries amounted to RM5,000 and are still unpaid. 3. The rental deposit of the new branch for January and February next year amounted to RM20,000 and has been paid in advance. 4. The depreciation for motor vehicles is calculated based on 20% using the straight-line method while the equipment is depreciated based on 15% using the reducing balance method. (Note: For the depreciation, please round up your answer to the nearest integer number). Required: a) Prepare the Statement of Comprehensive Income (Income Statement) for Sunbright Enterprise for the year ended 31 December 2020. (20 marks) b) Draw up the Statement of Financial Position (Balance Sheet) as at 31 December 2020 for Sunbright Enterprise. (17 marks)
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