Question

. Mr Jamil, a trader, completed a year’s trading on 31 October 2020. The following  balances were extracted from the business records: 

Particulars	Debit  RM	Credit  RM
Purchases and Sales	52,650	160,720
Sales returns and purchases returns	340	1,213
Land	100,000
Machines	140,000
Office equipment	30,000
Vehicles	75,000
Provision for depreciation at 1 November 2019:  Machines   Office equipment   Vehicles		28,000  16,800  28,000
Office expenses	11,500
Cash in hand	175
Selling expenses	8,820
Drawings	6,000
Wages	48,000
Stock at 1 Nov 2019	2,500
Provision for doubtful debts as at 1 Nov 2019		650
Debtors and creditors	14,500	8,600
Repairs	2,370
Bad debts	240
Jamil – Capital account as at 1 Nov 2019		251,512
Cash at bank	3,400
TOTAL	495,495	495,495

Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 

ii. The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500 

iv. Office expenses prepaid amounted to RM342

v. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during  the year. This has not been recorded. 

vi. Depreciation policies were: 

Machines - 20% straight line method 

Office equipment - 20% straight line method 

Vehicles - 30% reducing balance method 

Required: 

a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31  October 2020.  

b) Statement of Financial Position as at 31 October 2020.