15 19 ST2.8 Jonny Tang has just finished his Photography Certificate course at the National Youth Training Centre. On 1 April. Jonny Tang invested RM15,000 in his new business, Jonny Photography. He decided to prepare the financial statements for his business at the end of each month. The following are the transactions in the first month of the business operations in Aprili April 1 Rented office and dark room fittings from a photographer for RM800 in cash 2 Purchased photography supplies worth RM420 3 Pald RM200 for the office cleaning expenses for the month of April in cash & Finished a few jobs for customers and collected payment of RM150 12 Finished a photography assignment for Sagun's wedding worth RM750 on credit Pald a half-month salary of RM750) for the shop assistant Received full payment from Sagun 20 Finished a photography assignment for Aseh Nursery worth RM700 on credit 22 Purchased additional photography supplies worth RM250 on credit 24 Completed a photography assignment for Women's Club worth RM475 on credit 26 Subscribed for a brochure to advertise Jonny Photography from an advertising agency for a cost of RM120, which will be paid in carly August 27 Received full payment from Aseh Nursery 28 Settled the debt for additional photography supplics bought on 22 April 30 Pald telephone bill for the month of April, RM140 in cash Paid a half-month salary of RM750 to the shop assistant 30 Jonny Tang withdrew cash of RM300 for his personal use Required: (a) (1) Form an accounting equation based on the ledger accounts involved as follows Assets = Liabilities +Owner's equity "That is, Cash Trade receivables + Photography supplies = Trade payables + Capital, Jonny Thng Show the effect of each transaction on the accounting equation. Use the plus (+) sign to indicate an increment and the minus (-)sign to indicate a decrement (1) Total the assets, linbilities and owner's equity as at 30 April, (b) Prepare the income statement and the statement of changes in equity for the month ended 30 April and the statement of financial position as at 30 April. *Capital = Opening capital + Revenue - Expenses - Drawings 30