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Question 3 The following are the ledger balances for Elle Cosmetic as at 30 June...

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Question 3 The following are the ledger balances for Elle Cosmetic as at 30 June 2021: Sales Opening inventory Purchases Camage inwards Salaries Rents Discount Allowed Repairs and maintenance Insurance (for 8 months only) Stationery Commissions paid Interest expense General Expenses Office Equipment Bank Overdraft Accounts Receivable Provision for Doubtful Debts Accounts Payables Mortgage Capital RM 44,450 7,000 38,600 480 6,500 600 200 2,000 160 100 260 240 120 4,400 600 6,800 200 3,200 2,000 17,010 Below is the additional information which was left out by the accounts clerk. The closing inventory as at 30 June 2021 was RM7,400. Prepaid rents were RM60. Insurance expenses unpaid for 4 months was RM80. Accrued salaries were RM150. Depreciation on equipment: 10% on cost. The provision for doubtful debts is be made equal to 6% of the Accounts Receivables. . . Required: Prepare: a. The Statement of Comprehensive Income for the year ended 30 June 2021. (8 marks) b. The Statement of Financial Position as at 30 June 2021. (7 marks)

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