The Corona Enterprise is a sole proprietorship owned by Miss Carol which has been in operation for a year. Miss Carol has kept track of her transactions and wishes to know whether she earned a profit. The following is the balance of the accounts as at 31 December 2019.

Utility expenses 480

Stocks as at 1 January 2019 12,450

Stationeries 425

Staff salaries 357,980

Sales 700,055

Purchases 423,080

Return outwards

Return inwards 2,990

Office rental 32,500

Motor vehicles 125,000

Motor expenses 1,280

Land and building

Interest received 2,300

Interest on loan 27,500

Import duty 1,200

General expenses 890

Furniture 280,000

Drawings 5,460

Discount received 3,345

Discount allowed 2,128

Debtors 65,700

Creditors 78,900

Capital

Cash 26,350

Carriage outwards 2,000

Bank loan 600,000

Bank 350,300

Bad debts 2,820

Additional information:

I . Depreciation are to be provided as follows: Motor vehicles at 20% per annum. ii. Furniture at 15% per annum.

2. Interest on loan is charged at 5% per annum and office rental is RM2,500 per month.

3. Accrued interest received as at the date is RM520.

4. Physical count of the stock at the end of the period amouned to a value of RM35,000. (BAAD1003)

5. On 31 December 2019, Miss Carol took out goods for personal use amounting RM3,800 and there is no record made in any books of accounts.

Required:

a) Calculate the capital amount by showing the Trial Balance as at 31 December 2019.

b) Prepare an Income Statement for the year ended 31 December 2019

c) Prepare a Statement of Financial Position (Balance Sheet) as at 31 December 2019.