Adjustment financial statement E © T OCommission received6% loan from Afina Bank (taken from 1 May 2020)7408,000Rent1,2001,9001,2604,0051,0005,270210700DrawingsMaintenance and petrolStaff's wagesInsuranceCash at bankCarriage inwardsCarriage outwardsTelephone and electricityDuties on purchases250610915Returns110112Inventory as at 1 January 2020TOTAL3,41579.710 79.710The following adjustment are to be taken into account:a. Inventory as at 31 December 2020 was valued at RM2,600b. The interest on the loan taken from Afina bank was not recorded in the accounts.c. Prepaid RM300 of the insurance premiumsd. Prepaid RM125 of the telephone and electricity bills.e. Depreciation was provided using the rates as follows:i. Office equipment20% p.a on carrying value15% p.a on cost10% p.a on costii. Motor vehiclesii. Furnituref. Bad debts of RM110 to be written offg. The provision for doubtful debts was to be adjusted to 2.5% of the remainingaccount receivablesh. Fasuha had drawn RM150 cash from the business to spend on his son's birthday.Required:a) Prepare the Statement Profit or Loss and Other Comprehensive Income for theyear ended 31 December 2020.b) Prepare the Statement of Financial Position as at 31 December 2020FiltersAdd a caption. D © T5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitCreditRMRMOffice equipmentMotor vehiclesFurnitureAccumulated depreciation as at 1 January 2020:Office equipmentMotor vehicles12,2509,1503,6002,4501,3731,060FurnitureAccount receivables and account payablesCapital6% loan to RaraPurchases and sales6,8603,63229,6082,50019,110 31,560Discount215175AdvertisingCash in handProvision for doubtful debtsCommission received6% loan from Afina Bank (taken from 1 May 2020)4,2501,6303007408,000700RentDrawingsMaintenance and petrolStaff's wagesInsuranceCash at bankCarriage inwardsCarriage outwardsTelephone and electricityDuties on purchasesReturnsInventory as at 1 January 20201,2001,9001,2604,0051,0005,2702102506109151101123,41579,710 79,710TOTALThe following adjustment are to be taken into account:a. Inventory as at 31 December 2020 was valued at RM2,600b. The interest on the loan taken from Afina bank was not recorded in the accounts.c. Prepaid RM300 of the insurance premiumsd. Prepaid RM125 of the telephone and electricity bills.e. Depreciation was provided using the rates as follows:i. Office equipmentii. Motor vehiclesii. Furniture20% p.a on carrying value15% p.a on cost10% p.a on costf. Bad debts of RM110 to be writg. The provision for doubtful deats was to be adjusted to 2.5% of the remainingaccount receivablesh. Fasuha had drawn RM150 cash from the business to spend on his son's birthdRequired:Add a caption.

The statement which includes all the revenues and expenses of the specific time period is called…

Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 1,900 1.260 4,005 1.000 700 Drawings Maintenance and petrol Staff's wages Insurance Cash at bank 5.270 Cariage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at 1 January 2020 210 250 610 915 110 112 TOTAL 3,415 79,710 79,710 The following adjustment are to be taken into account: a. Inventory as at 31 December 2020 was valued at RM2,600 b. The interest on the loan taken from Afina bank was not recorded in the accounts. c. Prepaid RM300 of the insurance premiums d. Prepaid RM125 of the telephone and electricity bills. e. Depreciation was provided using the rates as follows: i. Office equipment i. Motor vehicles i. Furniture f. Bad debts of RM110 to be written off 20% p.a on carrying value 15% p.a on cost 10% p.a on cost g. The provision for doubtful debts was to be adjusted to 25% of the remaining account receivables h. Fasuha had drawn RM150 cash from the business to spend on his son's birthday. Required: a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020. b) Prepare the Statement of Financial Position as at 31 December 2020