TOPIC EXPERT (ACCOUNTING FOR INCOMPLETE RECORDS AND SINGLE ENTRY SYSTEM) Nomo Haslida, a school equipment vendor is operating the business in early January 2019 at Taman Lagenda, Tangkak. The owner, Haslida intends to make a bank loan. She needs your help to prepare business financial statements Below are the information given for the above purpose: 1. The balance of assets and liabilities as at 1 January 2020: Furniture Prepaid Rental Accrued Water and electricity expenses Inventory Accounts Payable Bank RM 15,000 800 110 2,500 900 5,200 2. All sales transactions are made in cash. Collection of sales proceeds after paying the following: Wages RM 10,800 Per annum Drawing RM 8,400 Per annum Water and Electricity RM 1,450 Per annum Donations RM 200 Per annum The sales collection for the year 2020 was banked in with the valued of RM72,000. A total of RM250 from sales proceeds is still stored in a cash register machine as at 31 December 2020. 3. Payments made by cheque which is consists of: Purchases (Accounts Payable) RM 46,560 Per annum Shop Rental RM 9.600 Per annum 4. All purchases made on credit. Purchase retums during the year RM460 5. The beginning balance of the furniture was purchased on January 1, 2019. There is new furniture purchased by cheque RM1, 600 on October 1, 2020. Depreciation rate of furniture per year is 10% on cost. 6. Throughout the year 2020, the stationery valued RM200 has been taken for the use of children in school. 7. The remaining part of assets and liabilities as at 31 December 2020: Accounts Payable RM 1,500 Inventory RM 2.900 Accrued Water & Electricity RM 130 Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2020. b) Prepare the Statement of Financial Position as at 31 December 2020