Question 1 The following trial balance was extracted from the books of Jaya Enterprise at 31 December 2020.     RM RM Bank 135,000   Drawings 10,000   Inventory as at 1 January 2020 800,000   Sales   2,100,000 Purchases 1,170,000   Accounts receivable 468,000   Allowance for doubtful debts   45,000 Accounts payable   890,000 Rent and rates 128,000   Heating and lighting 65,000   Insurance 350,000   Commission received   42,000 Bad debts 72,000   Motor vehicles 600,000   Returns inwards 30,000   Returns outwards   20,000 Furniture and fittings 400,000   Accumulated depreciation: Motor vehicles Furniture and fittings     180,000 76,000 Capitals   875,000   4,228,000 4,228,000   Additional information:   Inventory at the cost of business has been valued at RM550,000 at market price. The allowance for doubtful debts is to be adjusted to 5% of accounts receivable. Rent is due but unpaid RM42,000. The amount shown for insurance on the trial balance includes a premium paid of RM4,200, which represents the annual insurance premium to 31st March 2021.   Depreciation is written off non-current assets as follows: Motor vehicles at 10% per annum using straight line basis Furniture and fittings at 10% per annum using reducing balance     Required:   Prepare the income statement for Jaya Enterprise for the year ended 31 December 2020 (15 marks)   Prepare the balance sheet for Jaya Enterprise as at 31 December 2020. (10 marks)