Question 2: The following is the statement of financial position of Apple Inc. at 31 July 20x8. Statement of financial position as at 31 July 20x8 RM RM RM ASSETS Cost Acc. Dep NBV Non-current assets Freehold land and buildings 35,000 Fixtures and fittings 4,200 5,800 4,200 40,800 Current assets Inventories 3,300 Trade receivables 6,540 Prepayments (telephone) 120 Bank 3,000 12,960 Total assets 53,760 EQUITY AND LIABILITIES Equity Equity capital 48,480 Current liabilities Trade payables 5,220 60 Accrued electricity Total current liabilities 5,280 53,760 Total equity and liabilities The only book kept by Apple Inc. is a cash book in which all transactions passed through the bank account are recorded. A summary of the cash book for the year ended 31 July 20x9 has been prepared as follows: Cash book RM RM 5,640 Balance b/d 3,000 Wages Cash takings banked 18,920 Telephone 280 31,860 Payments to credit suppliers 33,360 Cheques from credit customers Additional capital 1,000 Motor expenses 1,810 Electricity 370 Printing 560 Purchases 4,500 Balance c/d 8,260 54,780 54,780 From the supporting documents, it has ascertained that: 1. The following amounts have been paid from the cash takings before they were banked: RM Drawings 4,000 Purchases 1,120 Car repairs 980 Window cleaning 170 2. Inventory at 31 July 20x9 was valued at RM3,920. 3. At 31 July 20x9, there are telephone charges prepaid of RM140 and electricity accrued of RM290. 4. The trade receivables and trade payables outstanding at the end of the year are RM5,840 and RM5,720 respectively. 5. Apple has taken goods out of the business for his own use that cost RM530. 6. Fixtures and fittings have been depreciated in past years at 20 percent per annum by the reducing balance method. Required: Prepare a statement of profit or loss for the year ended 31 July 20x9 and a statement of financial position at that date. 35,000 10,000 45,000