Question: i need the answer & explaination too. tq Halimatun is in business as a retailer. The following balances were extracted from the books of Halimatun

i need the answer & explaination too. tq  i need the answer & explaination too. tq Halimatun is in
business as a retailer. The following balances were extracted from the books

Halimatun is in business as a retailer. The following balances were extracted from the books of Halimatun Enterprise as at 31 Dec 2019. RM Capital at 1 Jan 2019 190,000 Drawing 21,000 Land and buildings (at cost) 150,000 Fixtures and Fittings (at cost) 28,000 Computer equipment (at cost) 40,000 Accumulated depreciation: Fixtures and Fittings 19,000 Computer equipment 12,000 8% loan 50,000 Loan interest paid 2,000 Bank 10,000 Cash 4,070 Account receivables 60,000 Account payables 31,000 Sales 365,000 Purchases 135,000 Goods returned by customers 8,900 Return outwards 4,250 Inventory at 1 Jan 2019 33,500 Delivery expenses 18,630 Computer repairs expenses 19,150 General running expenses 31,600 Salaries and wages 86,700 Marketing costs 14,000 Discount allowed 22,400 Discount received 13,700 Additional information: 1. Inventory as at 31 Dec 2019 was valued at RM36,550. 2. An invoice for a credit purchase of goods RM6,500 had been misplaced and no entries hadbeen recorded in the books. 3. The purchase of fixtures and fittings, RM4,000 had been included in the general running expense 4. At 31 Dec 2019, computer repair expenses RM1,700 was accrued and salaries and wageswere prepaid RM5,200. 5. The 8% bank loan was received on 1st April 2019. 6. Allowance for doubtful debts is to be provided at 5% on net account receivables. 7. Depreciation is to be charged at the of the year as follows: (1) Fixtures and fittings at the rate of 15% per annum using the straight-line method. (ii) Computer equipment at the rate of 25% per annum using the reducing balance method. Required: a) Prepare the income statement for the year ended 31 Dec 2019. (12 marks) b) Prepare the statement of financial position as at 31 Dec 2019. (13 marks)

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