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The following is a trial balance for Crown Corporation as on 31 December 2021. Debits Credits (RM) (RM) Details Plant and Equipment Business Premises Accounts Receivables Accounts Payables Share Capital - Ordinary shares Bank Overdraft Cash Allowance for Doubtful Debts Salaries and Wages Purchase discount Office expenses Purchases Sales Inventory as at 1 January 2021 Sales discount Sales return & allowances Purchase return & allowances Freight Out Rental Dividends Additional information: 30,000 62,500 30,000 12,500 4,250 2,000 32,500 31,500 1,025 750 3,000 4,000 1,250 215,275 19,025 87,500 17,500 750 2,250 85,000 3,250 215,275 1. Inventory as at 31 December 2021 amounting RM8,750. 2. There was 10% increase in allowances for doubtful debts from the amount of account receivables. 3. As at 31 December 2021, there were RM1,750 accrued salaries and wages and RM425 accrued office expenses not yet recorded. 4. Provide for depreciation as follows: Plant and equipment 10% per annum and business premises 15% per annum. Crown Corporation applied straight line method to compute the depreciation for non-current assets. 5. Prepaid rental amounting RM450 not yet recorded.
Required: i. Prepare the income statement for the year ended 31 December 2021. ii. Prepare the statement of financial position as at 31 December 2021.
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