Answer the Questions step by step based on the pictures given below. Thank you

QUESTION

1. Prepare a statement of Financial position as at 31st December 2021 based on the picture given.

The following is the trial balance of Jeremiah as at 31st December 2021 Dr Cr RM RM Wages and Salaries 70,000 Sundry Expenses 10,000 Sales 350,000 Returns Outwards 40,000 Rental 75,000 Purchases 144,000 6,000 Provision for doubtful debts Motor vehicles 250,000 Inventories 45,000 1 January 2021 Insurance 10,000 Fixtures 90,000 Drawings 4,000 Communication 40,000 expenses Commissions paid 60,000 Cash at bank and cash in hand Carriage Outwards Carriage Inwards Capital Accumulated depreciation - motor vehicle Accumulated depreciation - fixtures Account Receivables Accounts Payables 40,000 7,000 6,000 400,000 30,000 20,000 70,000 75,000 921,000 921,000 Notes to the accounts: (i) Inventory at year end was RM 60,000. (ii) The provision for doubtful debts as of 31st December was RM10,000. (iii) Depreciation on Motor Vehicles was 10% per annum on the straight line method. (iv) Depreciation on Fixtures was 15% per annum on the reducing balance method. (v) Wages were owing at the end of the period by RM2,000. (vi) Sundry expenses were prepaid by RM1,000