i. ii. Inventory as of 31 April 2024 was valued at RM27,515. The loan interest for...

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i. ii. Inventory as of 31 April 2024 was valued at RM27,515. The loan interest for six months ended 30 April 2024 is outstanding. Rent paid in advance on 30 April 2024 amounted to RM870. iv. Rates assessed as due but not yet paid were to be included at RM1,200. V. Depreciation of plant was to be provided at 10% on cost and motor vehicles at 20% of their net book value. Accrued advertising costs of RM250 and wages and salaries of RM415 were to be allowed for. REQUIRED Examine the trial balance provided and identify adjustments required to accurately reflect the financial position and performance of Savory Bites Caf. Develop a Statement of Comprehensive Income (SOCI) for the period ended 31 March 2024, considering the adjustments made. Prepare a Statement of Financial Position (SOFP) as at 31 March 2024, considering the identified adjustments. Present your financial statements in an easy-to-understand format, using clear headings and labels. Show your working for all identified adjustments for both statements. Write a brief introduction and conclusion for your assignment, emphasizing the importance of accurate financial reporting and the role of adjustments in reflecting the financial status and performance of food businesses. i. ii. Inventory as of 31 April 2024 was valued at RM27,515. The loan interest for six months ended 30 April 2024 is outstanding. Rent paid in advance on 30 April 2024 amounted to RM870. iv. Rates assessed as due but not yet paid were to be included at RM1,200. V. Depreciation of plant was to be provided at 10% on cost and motor vehicles at 20% of their net book value. Accrued advertising costs of RM250 and wages and salaries of RM415 were to be allowed for. REQUIRED Examine the trial balance provided and identify adjustments required to accurately reflect the financial position and performance of Savory Bites Caf. Develop a Statement of Comprehensive Income (SOCI) for the period ended 31 March 2024, considering the adjustments made. Prepare a Statement of Financial Position (SOFP) as at 31 March 2024, considering the identified adjustments. Present your financial statements in an easy-to-understand format, using clear headings and labels. Show your working for all identified adjustments for both statements. Write a brief introduction and conclusion for your assignment, emphasizing the importance of accurate financial reporting and the role of adjustments in reflecting the financial status and performance of food businesses.

Answer rating: 100% (QA)

To assist with the question I would need the trial balance to examine and identify the necessary adjustments Without the trial balance or additional f... View the full answer