QUESTION 2 Excel Shop Enterprise has the following Trial Balance extracted as at 31 Dec 2016....

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QUESTION 2 Excel Shop Enterprise has the following Trial Balance extracted as at 31 Dec 2016. It's imbalance. The inventory as at 31 December 2016 is RM3,840. Excel Shop Enterprise Trial Balance as at 31 Dec 2016 Accounts Inventory as at 1 Jan 2016 Drawings Bank (overdraft) Accrued income Accrued expenses Sales Purchases Return inwards Return outwards Rent income Bad debt recovered Utilities expenses Salary and wages Admin Expenses Vehicles Buildings Loan Interest on loan Rent expenses Capital 1 Jan 2016 Dr (RM) Cr (RM) 2,610 2,000 19,180 200 160 960 2,500 130 18,000 800 200 210 3,250 2,730 39,560 150 2,840 65,000 20,000 43,000 46,740 176,740 You are required to: 1) Amend the mistakes done in the trial balance and prepare the updated Trial Balance as at 31 December 2016. 2) Prepare the Income Statement for the year ended 31 December 2016. 3) Prepare the Statement of Financial Position as at 31 December 2016. QUESTION 2 Excel Shop Enterprise has the following Trial Balance extracted as at 31 Dec 2016. It's imbalance. The inventory as at 31 December 2016 is RM3,840. Excel Shop Enterprise Trial Balance as at 31 Dec 2016 Accounts Inventory as at 1 Jan 2016 Drawings Bank (overdraft) Accrued income Accrued expenses Sales Purchases Return inwards Return outwards Rent income Bad debt recovered Utilities expenses Salary and wages Admin Expenses Vehicles Buildings Loan Interest on loan Rent expenses Capital 1 Jan 2016 Dr (RM) Cr (RM) 2,610 2,000 19,180 200 160 960 2,500 130 18,000 800 200 210 3,250 2,730 39,560 150 2,840 65,000 20,000 43,000 46,740 176,740 You are required to: 1) Amend the mistakes done in the trial balance and prepare the updated Trial Balance as at 31 December 2016. 2) Prepare the Income Statement for the year ended 31 December 2016. 3) Prepare the Statement of Financial Position as at 31 December 2016.