ONE CONSTRUCTION Sdn Bhd (OCSB) provides consultancy services to their clients. The year 2018 was the first year of operation for OCSB. The trial balance of OCSB as at 30 June 2018 was illustrated as follows:

One Construction Sdn Bhd

Trial Balance as at 30 June 2018

Descriptions Debit Credit

RM RM

Bank 150,000

Land 150,000

Computers 20,000

Motor Vehicle 50,000

Accounts Receivable 20,000

Prepaid Insurance Charges 12,000

Bad Debt 500

Salary Expenses 205,000

Rental Charges 12,000

Telephone Charges 10,000

Utilities Charges 2,000

Miscellaneous Expenses 9,000

Refreshment Expenses 2,000

Revenue 450,000

Prepaid Revenue 2,500

Long Term Bank Loan 120,000

Accounts Payable 20,000

Shareholders Capital 50,000

642,500 642,500

Other information:

1)Interest charges of 10% per annum were not recognized and paid for the six months ended 30 June 2018.

2)At the end of the stated month, OCSB rendered services to a customer that had earlier paid in advance for the services. The adjusting entries were not recorded earlier.

3)Payment of RM12,000 for Insurance Charges is for the whole year of 2018.

4).The company management decided to write of further RM500 as bad debts for the stated 6 months period. In addition, the management decided to provide 1% of Accounts Receivable as Provision of Doubtful Debts.

5).Income tax expenses for the six months period of RM2,000 was due to be paid on 1 July 2018.

6).Wages and Salaries accrued for the six months period were RM3,000 and RM15,000 respectively.

7).Depreciation charges of 10% per annum are to be provided for all the company's fixed assets.

As the Company accountant you are required to:

1).Transfer all the figures in the Trial Balance illustrated above to an appropriate columns in the worksheet provided together with this assignment. You are also required to prepare the adjusting entries in the Adjusted Entries column.

2).Prepare OCSB's Statement of Comprehensive Income (post adjustments) for the six months ended 30 June 2018.

3)Prepare OCSB's Statement of Financial Positions (post adjustments) as at 30 June 2018.