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QUESTION 3

Wan Azwan is a certified public accountant and owns the audit firm Wan Azwan Associates. The firm has been operating since 2010 offering audit services. accountants, and taxation. Below is the company's trial balance statement for the year ended 3I October 2021:

Wan Azan Associates

Trial Balance as at 31 October 2021

	Debit (RM)	Kredit (RM)
Cash	97,300
Accounts Receivable	8,800
Office Supplies	7,700
Prior Insurance	18,000
Office Vehicles	170,000
Accumulated Depreciation - Office Vehicles		68,000
Accounts Payable		16,500
Bank Loan		90,000
Capital		80,000
Consultation Results		168,300
Salary Spend	65,000
Utility Spend	18,700
Belanja Sewa	38,000
Rental Spend	422,800	422,800

The following is information regarding accounting records and adjustments:

I. Revenue from accounting services for October 2021 has not been billed amounting to RM5,700.

2. Prior insurance is paid for a period of one year beginning August 1, 2021

3. Unpaid utility bills amounting to RM2,250.

4. The firm signed a bank loan agreement on October 1, 2021 for a period of 7 years, with an interest rate of 4 percent per annum. Installment payments begin November 1 202 l.

a) Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended

October 31, 2021.

b) Prepare the Statement of Financial Position as at 31 October 2021.

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