9. The Inal balance of King's Choice, a sole proprietorship restaurant business on 31 December 2014...

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9. The Inal balance of King's Choice, a sole proprietorship restaurant business on 31 December 2014 is as follows: Cash on Hand Cash at Bank Accounts Receivable Accounts Payable Shop Premises Mortgage on Premises Capital Rates Expense Inventory at 1 January 2014 Purchases Sales Advertising Expenses Interest on Mortgage Insurance on Premises Cash Register Preliminary Expenses Discounts Allowed Discounts Received Shares in Amanah Saham Nasional Dividends from Shares in Amanah Saham Nasional Salaries Expense General and Administrative Expenses Selling and Distributive Expenses Equipment Trade Marks Sundry Expenses The following adjustments have to be made on 31 December 2014: (a) The closing inventory was valued at RM4,000. (b) Advertising expenses of RM1,000 were unexpired (c) Insurance expense of RM2,000 was prepaid. Debit RM 1.000 2,000 5.000 Required: i) ii) 250,000 8,000 2.000 200,000 8:000 8,000 24,000 5.000 16.000 1,000 80,000 118.000 16.000 10,000 28,000 10.000 8.000 789,000 (d) Interest on martgage of RM1,000 was allowing (e) General and administrative expenses of RM3,000 were paid in advance. () Selling and distributive expenses of RM5.000 were not yet paid. Credit RM 20,000 60,000 100.000 600,000 3,000 6.000 789,000 (9) RM2.000 of the sundry expenses were not yet used. th) Salaries of RM2,000 were not yet paid (Dividends from shares in Amanah Saham Nasional amounting to RM1,000 were yet to be received Draw up the adjusting entries to be made on 31 December 2014. Prepare the Statement of Comprehensive Income for the year ended 31 December 2014. Prepare the Statement of Financial Position as at 31 December 2014. 9. The Inal balance of King's Choice, a sole proprietorship restaurant business on 31 December 2014 is as follows: Cash on Hand Cash at Bank Accounts Receivable Accounts Payable Shop Premises Mortgage on Premises Capital Rates Expense Inventory at 1 January 2014 Purchases Sales Advertising Expenses Interest on Mortgage Insurance on Premises Cash Register Preliminary Expenses Discounts Allowed Discounts Received Shares in Amanah Saham Nasional Dividends from Shares in Amanah Saham Nasional Salaries Expense General and Administrative Expenses Selling and Distributive Expenses Equipment Trade Marks Sundry Expenses The following adjustments have to be made on 31 December 2014: (a) The closing inventory was valued at RM4,000. (b) Advertising expenses of RM1,000 were unexpired (c) Insurance expense of RM2,000 was prepaid. Debit RM 1.000 2,000 5.000 Required: i) ii) 250,000 8,000 2.000 200,000 8:000 8,000 24,000 5.000 16.000 1,000 80,000 118.000 16.000 10,000 28,000 10.000 8.000 789,000 (d) Interest on martgage of RM1,000 was allowing (e) General and administrative expenses of RM3,000 were paid in advance. () Selling and distributive expenses of RM5.000 were not yet paid. Credit RM 20,000 60,000 100.000 600,000 3,000 6.000 789,000 (9) RM2.000 of the sundry expenses were not yet used. th) Salaries of RM2,000 were not yet paid (Dividends from shares in Amanah Saham Nasional amounting to RM1,000 were yet to be received Draw up the adjusting entries to be made on 31 December 2014. Prepare the Statement of Comprehensive Income for the year ended 31 December 2014. Prepare the Statement of Financial Position as at 31 December 2014.