"There is a book and a wallet in my bag."
Translation:هُناك كِتاب وَمَحْفَظة في شَنْطَتي.
Yes, we can. يُوْجَدُ كتابٌ ومحفظةٌ في شنطتي. The sentence becomes verbal. In English, it has the same meaning -I think so- while in Arabic, the meaning will be different a bit. It gives us an impression: "previously, the book and wallet were not in my bag but now they are. And, perhaps they will not be there in the future". Or, something like that.