Reference no: EM132551480

Lily has kept records of her business transactions in a single entry form. A summary of her Statement of Financial Position as at 31 December 2018 and 2019 as follows:

                                                 31 December 2018 (RM)                                31 December 2019 (RM)

Receivables                              20,500                                                         31,300

Payables                                   17,400                                                       18,500

Inventories                                 12,000                                                       10,300

Motor vehicle                                25,000                                                     27,500

Accrued utilities                                300                                                       250

Prepaid salaries                                  200                                                      450

The following information in Bank account:

Receipts                                             RM

Receipts from debtors                 130,500

Cash Sales                                   5,000

Payments                                       RM

Payment to creditors              60,550

Cash Purchases                      4,000

Salary                                   9,900

Utilities                                   2,300

Motor vehicle                        5,500

The following information is also available:

1. The business had received a discount of RM750 from creditors and had allowed a discount to its debtors RM950 for the year.

2. On 1 August 2019, Miss lily had incurred sales return and purchases return RM250 and RM150 respectively in carrying out her business.

Required:

Question (a) Prepare Creditors control accounts and find the total purchases.

Question (b) Prepare Debtors control accounts and find the total sales.

Question (c) Prepare Statement of Profit and Loss for the year ended 31 December 2019.