Tigress Bhd has an authorised share capital of 800,000 RM1 equity shares on 31 December 2020. Trial balance for Tigress Bhd as at 31 December 2020 RM DR RM CR 800,000 100,000 250.000 700,000 400,000 40,000 180,000 15,000 1,347,200 Equity share capital Debentures 6% (issued 1 January 2020) Share premium Freehold buildings at cost Plant at cost Motor vehicles at cost Provision for depreciation on plant Provision for depreciation on motor vehicles Revenue Purchases Returns in Returns out Trade receivables Trade payables Bad debts Provision for doubtful debts Motor expenses Rent and rates Insurances Salaries General administration expenses 974,680 6,2101 4,170 130,990 86,980 4,270 6,210 11,270 18,500 1,600 112,060 104.260 Inventories Bank 238,460 106,410 50,000 50,000 Directors' fees Dividend paid in year Retained earnings Discount received Discount allowed 164,690 9,070 14,610 2.963.320 2.963.320 Other information: a) Closing inventory is RM327,790 b) Rent owing is RM5,500 Insurance paid in advance is RM400 d) The provision for doubtful debts is to be increased to RM6,850 e) Debenture interest is payable annually on 1 January and the amount due has to be provided for. 1) Depreciation has not been accounted for in the year. It is company policy to provide for depreciation on plant at the rate of 10% on cost and on motor vehicles at the rate of 25% on cost. g) RM50,000 is to be transferred to general reserves. h) A dividend of 10 sen per equity share is proposed at the year end. i) 50% of salaries are related to selling and distribution, the remainder to administration duties. Required: Prepare the Statement of Profit or Loss for the year ended 31 December 2020; and the Statement of Financial Position as at 31 December 2020 (ignore taxation). Show all relevant workings