Wondermilk is an established cupcake caf and catering in Klang Valley. The following trial balance was extracted from their accounts as of 31 December 2015. Trial Balance of Wondermilk as at 31 December 2015 RM RM Sales 500,000.00 Inventories at 1 Jan 2015 20,000.00 Purchases 100,000.00 Distribution cost 25,000.00 Administrative expenses 50,000.00 5% Loan 80,000.00 Land and building at cost 800,000.00 Fixtures and Fitting at cost 400,000.00 Land and building accumulated depreciation at 1 Jan 2015 320,000.00 Fixtures and Fitting accumulated depreciation at 1 Jan 2015 80,000.00 Maintenance expenses 60,000.00 Sales and marketing expenses 100,000.00 Trade payable 125,000.00 Bank 150,000.00 Cash in hand 10,000.00 Discounts 3,600,00 18,750.00 Trade receivables 75,000.00 Capital 669,850.00 1,793,600.00 1.793,600.00 Additional information: i. Wondermilk's depreciation policy is as follows: a. Building- 10% per annum on straight line method b. Fixtures and Fitting- 20% per annum on straight line method ii. Closing inventory during the year was RM25,000. iii. The 5% loan was repayable in 2017 onwards. iv. Additional purchase in the month of December was not recorded in the account amounting to RM5,000. 5% of maintenance expenses is prepayment for the following year. vi. Bad debt of 1% was written off as client went into bankruptcy. vii. There was a purchase retum in December 2015 as some of the item delivered was not in good quality amounting to RM3,500. Required: a. Prepare a Statement of Profit or Loss for Wondermilk for the year ended 31 December 2015. b. Prepare a Statement of Financial Position for Wondermilk as at 31 December 2015. V. Wondermilk is an established cupcake caf and catering in Klang Valley. The following trial balance was extracted from their accounts as of 31 December 2015. Trial Balance of Wondermilk as at 31 December 2015 RM RM Sales 500,000.00 Inventories at 1 Jan 2015 20,000.00 Purchases 100,000.00 Distribution cost 25,000.00 Administrative expenses 50,000.00 5% Loan 80,000.00 Land and building at cost 800,000.00 Fixtures and Fitting at cost 400,000.00 Land and building accumulated depreciation at 1 Jan 2015 320,000.00 Fixtures and Fitting accumulated depreciation at 1 Jan 2015 80,000.00 Maintenance expenses 60,000.00 Sales and marketing expenses 100,000.00 Trade payable 125,000.00 Bank 150,000.00 Cash in hand 10,000.00 Discounts 3,600,00 18,750.00 Trade receivables 75,000.00 Capital 669,850.00 1,793,600.00 1.793,600.00 Additional information: i. Wondermilk's depreciation policy is as follows: a. Building- 10% per annum on straight line method b. Fixtures and Fitting- 20% per annum on straight line method ii. Closing inventory during the year was RM25,000. iii. The 5% loan was repayable in 2017 onwards. iv. Additional purchase in the month of December was not recorded in the account amounting to RM5,000. 5% of maintenance expenses is prepayment for the following year. vi. Bad debt of 1% was written off as client went into bankruptcy. vii. There was a purchase retum in December 2015 as some of the item delivered was not in good quality amounting to RM3,500. Required: a. Prepare a Statement of Profit or Loss for Wondermilk for the year ended 31 December 2015. b. Prepare a Statement of Financial Position for Wondermilk as at 31 December 2015. V