Question: Please provide answer before 1.30. very urgent kindly help The following trial balance was extracted from the books of Sivarajah at 31 May 2020. RM

Please provide answer before 1.30. very urgent kindly help

Please provide answer before 1.30. very urgent kindly help The following trial

The following trial balance was extracted from the books of Sivarajah at 31 May 2020. RM RM 549,600 62,280 82.800 540,000 75,000 111,000 52,800 45,300 27,900 1,020,000 7,800 Capital at 1 June 2019 Drawings Premises at cost Accounts receivable and payables Inventory at 1 June 2019 Salaries Carriage Insurance Purchases and sales Returns inwards and outwards Rent received Bad debts Office equipment at cost Shop fittings at cost Accumulated depreciation: Office equipment Shop fittings Cash in hand Bank overdraft Allowance for doubtful debts 1,441,440 14,400 9,600 2,400 60,000 180,000 12,000 48,000 10,200 74,880 3,000 2,215,200 2,215,200 Additional information: 1. Inventory at the cost of business has been valued at RM126,000 at market price. 2. Sivarajah had taken goods from inventory to the value of RM2,000 for his own use and no entries had been made in the books. 3. RM21,900 of carriage represents carriage inwards on purchases. 4. The allowance for doubtful debts is to be adjusted to 5% of accounts receivable. 5. Salaries due but unpaid RM18,000. 6. The amount shown for insurance on the trial balance includes a premium paid of RM4,200, which represents the annual insurance premium to 31 December 2020. 7. Depreciation is written off non-current assets as follows: Office equipment at 10% per annum using straight line basis Shop fittings at 5% per annum using reducing balance. Required: a. Prepare the income statement and a balance sheet for Sivarajah as at 31 May 2020. (Total 25 marks)

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