Based on

QUESTION 1 (30 MARKS) The table below is a list of account balances extracted on 31" December 2020 by Puan Atiqah, a sole trader who runs a boutique, Masgold Boutique. Capital Drawings Sales Purchases Return inwards Return outwards Inventory (as at 15 January 2020) Motor vehicle Office equipment Utility bills Salaries Account Receivable Account Payable Long-term loan Long-term investment Dividend on investment Interest on loan Rental Income Cash in hand RM 70,000 2,600 220,000 140,000 550 300 25,000 31,000 40,000 4,800 7,200 14,500 4,750 12,000 22,400 2,100 4,000 1,400 18,500 The closing inventory was valued at RM8,200. 1. Prepare a Trial Balance as at 31 December 2020. (10 marks) (CLO2.PLOS:C3) 2. Prepare a Statement of Profit or Loss for the year ended 31* December 2020. (12 marks) (CLO2.PLOS:C3) 3. Prepare a Statement of Financial Position as at 31 December 2020. (8 marks) (CLO2:PLOS:C3) FORMAT OF FINANCIAL STATEMENT ABC Enterprise Statement of Pront or Loss for the year ended RM RM Sales L988: Return inward Discount allowed Net sales RM XXOOX (XX) (XX) xxx L988: Cost of goods soldi Cost of sales Opening inventory Purchases L988: Return outwards Discount received Net Purchase Add:Carriage Inwards Insurance on purchases Duty on purchases Cost of goods purchased Cost of goods avallable for sales Less: Closing Inventory Cost of goods sold Gross pronti (1088) XOX) Xox) XOX XOX xx XOX XXX XXX Xcx) (XXX) XOX XXX Add: other revenues Rent received Commission received Interest Income Dividend on Investment XXX xxx L988: Operating expenses General expenses Repairs and maintenance Electricity and water Salaries and wages Printing and stationery Insurance expenses Deprecation Rent expenses Carriage outwards Salesman commission Bad debts Interest on loan Net prontosa) XXX XXX XXX XXX xxx XXX XXX XXX XXX xxx XXX (XXX) XXX Keynote if Cross Lots and Net Loss:- Higure must be presented with bracket (XXX) FORMAT OF FINANCIAL STATEMENT RM Carrying value ABC Enterprise Statement of Financial Position as at RM RM Accumulated Non-current Assets Cost Depreciation Land XXX XOX) Building XXX Xox) Fixtures and fittings XXX XOX) Office equipments (XX) Machinery XXX XX) Motor vehicles XXX (Xox) XXX XXX XXX XOOX XOOX Investment Long term Investment Fixed deposit XOXOX xxx Current Assets Closing inventory Accounts receivable Less: Allowance for doubtful debt Cash at bank Cash in hand Prepaid expenses Accrued revenues XXX xx) xxx xxx xxx XXX XXX XXX XXXX Owner's Equity Transfer figure from statement of profit of loss Capital Add: Net Pront (1066) Less: Drawings XXX XXX (XX) Non-current liabilities Long-term loan Total must be XOOX equal Current Liabilities Short-term Loan Bank overdraft Accounts payable Accrued expenses Revenues received in advance XXX XXX XXX XXXX kemste: it Net Loss Owner's Equity Capital xox Less: Net Loss (0) Less: Drawings ood MISS ADIBAH TRIAL BALANCE AS AT BITH DECEMBER 20x8 RM (Debit) 17,500 RM (credit) 70,000 20,000 5,800 26, loo Cash Capital Dellerry van Purchese Bank Creditor seles Retwa Outwords Debitor-Erny Trading Rent Expenses Return Irward Prowing 3,000 300 2350 1,200 150 200 E 73,300 73,300