DEBIT CREDIT No. ACCOUNT TITLE $'000 $'000 1 Accommodation expense 24 Accounts receivable 321 3 Advertisement expense 26 4 Cash at bank 47 Question 1 (30 marks) KG KOH ENTERPRISE is a trading business. Its financial year end is 31 March each year. It uses the periodic inventory system. The trial balance of KG KOH ENTERPRISE as at 31 March 2022 is shown below. Other relevant data are provided: (i) The prepaid premises rental is valid for the period 01 March 2022 to 31 May 2022. (ii) An inventory count was carried out on 31 March 2022. It was valued at $370,000. (iii) An interest charge of $2,000 for the month of March 2022 has not been paid and neither has it been adjusted. (iv) The depreciation charges for motor vehicle $25,000 and office equipment $15,000 have not yet been provided. REQUIRED: 5 Discount allowed 18 6 Drawings 23 7 Employees' wage and salary expenses (a) Prepare a detailed Income Statement for the year ended 31 March 2022 and (15 marks) 246 8 Insurance expense 22 (b) 9 Interest expense 13 A Statement of Owner's Equity for the financial year and a Balance Sheet Statement as at 31 March 2022. 10 Inventory, at 01 April 2021 360 (15 marks) 11 Miscellaneous operating expense 5 12 Motor vehicle, at cost 100 13 Office equipment, at cost 80 14 Power and lighting expenses 32 15 Premises rental expense 55 16 Prepaid premises rental 15 17 Purchases 1,885 18 Sales return 22 19 Accounts payable 309 20 Accumulated depreciation: office equipment 21 Capital 20 188 22 Interest Income 23 Purchase return 24 Sales 25 Sundry revenue 6 10 2,757 4 3,294 3,294 (Ignore Goods & Services Tax)