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QUESTION 1 Cocacola, extracted the following trial balance from her books on 31 December 2020....

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Accounting

QUESTION 1 Cocacola, extracted the following trial balance from her books on 31 December 2020. Trial Balance as at 31 December 2020 DR CR RM RM Capital - 520,000 10% Maybank Loan - 80,000 Interest paid to Maybank Loan 2,000 - Freehold property 664,000 - Machines 200,000 - Machines accumulated depreciation b/f - 150,000 Office equipment 70,000 - Office equipment accumulated depreciation b/f - 28,000 Cash at bank 13,400 - Sales - 1,016,000 Purchases 495,600 - Inventory 1 Jan 2020 90,000 - Administrative expenses 85,500 - Selling & Distribution expenses 190,000 - Trade Receivables 62,000 - Trade Payables - 45,000 Retained profits b/f - 83,500 Fixed deposits 50,000 - 1,922,500 1,922,500 - - Additional information: - 1. Inventory value at 31 Dec 2020 RM75,000 2. Depreciation for Machine 10% at cost and equipment 20% at cost. 3. An additional rent of RM3,000 is to be adjusted 4. Remaining loan interest is to be accrued. Required: Prepare a Statement of Profit or Loss for the year ended 31 December 2020 and Statement of Financial Position as at 31 December 2020.

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