Reference no: EM133176821

The following trial balance has been extracted from the ledger of Azwin, a sole trader as at 31 May 2019, the end of her most recent financial year.

	Debit(RM)	Credit(RM)
Property, at cost	90,000
Equipment ,at cost	57,500
Accumulated depreciation (as at 1 June 2018) - Property                               - Equipment		12,500 32,500
Inventories as at 1 June 2018	27,400
Purchases	259,600
Sales revenue		405,000
Discount allowed	3,370
Discount received		4,420
Wages and salaries	52,360
Bad debts	1,720
Loan interest	1,560
Carriage outwards	5,310
Other operating expenses	38,800
Trade receivables	46,200
Trade payables		33,600
Provision for doubtful debts		280
Cash	151
Bank overdraft		14,500
Drawings	28,930
13% long term loan		12,000
Capital		98,101
	612,901	612,901

The following additional information as at 31 May 2019 is available:

1. Inventories as at the close of business were valued at RM25,900.
2. Depreciation for the year ended 31 May 2019 has yet to be provided as follows:
   • Property: 1% using straight line method.
   • Equipment:15% using reducing balance method.
3. Wages and salaries are accrued by RM140.
4. 'Other operating expenses' include certain expenses prepaid by RM500.Other expenses included under this heading are accrued by RM200.
5. The provision for doubtful debts is to be adjusted so that it is 0.5 percent of trade receivables as at 31 May 2019.
6. 'Purchases' include goods valued at RM1,040 that were withdrawn by Azwin for her own personal use.

Question 

1. Give a Statement of Profit or Loss for the year ended 31 May 2019.
2. Give a Statement of Financial Position (Balance Sheet) as at 31 May 2019.