5 6 2S1 t Required: a) Prepare the journal entires for the above transactions b) Complete the work sheet to adjust the account balances. c) Prepare statement of profit or loss for the year ended 2014. d) Prepare a statement of financial position as at 30 September 2014. SOLUTION R.J Mini Market Trial Balance Adjustment Debit Credit Debit Credi Accounts Inventory as at 1 October 2014 40,000 Sales return Purchases return Purchases Sales Discount received Commission revenue Shop rental Salary 4,000 6,000 160,000 278,100 6,400 4,600 Sot 28,000 33,000 5,200 5,000 Discount allowed Interest expenses Accumulated depreciation: Delivery van Office equipment 28,000 10,000 Delivery van Office equipment Accounts receivables Account payables Bank 70,000 100,000 50,000 39,100 15,600 QUESTION 3 Mr. Rajesh operates a mini market known as RJ Mini Market. balance of the business as at 30 September 2014. Given below is the trial RJ Mini Market Trial Balance as at 30 September 2014 Dr. (RM) Cr. (RM Accounts Titles Inventory as at 1 October 2014 Sales return Purchases return 40,000 4,000 6,000 160,000 278,100 6,400 4,600 Sales Discount received Commission revenue Shop rental Salary Discount allowed Interest expenses Accumulated depreciation: 28,000 33,000 5,200 5,000 28,000 10,000 - Delivery van Office equipment 70,000 100,000 50,000 Delivery van Office equipment Accounts receivables Account payables Bank Cash Telephone and electricity 39,100 15,600 3,400 8,000 Capital Total 150,000 522,200522,200 The following information is available to use in making adjusting entries. i) Closing inventory at 30 September 2014 is RMI6,000. Dr. closing ii) Interest expenses of RM600 paid in advance. ii) Commissions revenue for the amount of RM500 is still owed. iv) Depreciation expense for delivery van RM15,000 and office equipment RM2,000. inventorg 6 cr 1 16.oco0 v) The owner took out RM1,000 cash for his personal use