this is my 1st time using Chegg i really hope u guys can help me with my questions urgently please

1. From the following trial balance of Priya as at 31^st December, 2020, prepare Statement of Profit or Loss for the year ended 31^st December 2020 and a Statement of Financial Position as on that date after making necessary adjustments. Also given journal entries for the adjustments.

Trial Balance as at 31st December 2006
	Dr. Balances	Cr. Balances
	(RM)	(RM)
Carriage inwards	2,000
Carriage outwards	1,600
Cash in Bank	20,500
Cash in Hand	6,200
Discount		800
Drawings	24,000
Insurance Premium	900
Plant and Machinery	45,000
Postage & Courier Expenses	1,800
Priyas Capital Account		100,000
Rent Rates & Assessment	3,800
Return Inwards	5,000
Sales and Purchases	85,000	135,000
Stock (1st January 2020)	15,000
Sundry Debtors and Creditors	24,600	22,600
Wages	23,000
	258,400	258,400

Adjustments:

• Stock on 31st December, 2020 was valued at RM 24,000.
• Write off RM 600 as bad debts.
• Provision for doubtful debts is to be maintained at 5% on final sundry debtors.
• Provide depreciation on plant and machinery at 20% on cost.
• Wages outstanding amounted to RM1,500 and Insurance prepaid was RM250.

Required:

1. Prepare Statement of Profit and Loss for the year ended 31 December 2020
2. Prepare Statement of Financial Position for the year ended 31 December 2020