Elaborate the eight (8) steps in the accounting cycle. [10 marks]

Below is the trial balance of Happy Meals Gaterer as at 31 May 2015 Credit Debit 120 000 70,000 19,850 100 000 69 250 40 000 612 000 104 500 353 000 12.000 26,700 43,200 Accounts Motor vehicles Plant and machinery Profit bid as at 01 01 2019 Ordinary share Ace depreciation as at 31 12 2019 Motor vehicles Ace depreciation as at 31. 12. 2010 Plant & machinery Sales Commission Purchases Opening inventory Trade receivables Trade payable Administrative expenses Distribution expenses Rental Bank overdraft Wages and salaries Telephone and internet Unearned commission Accrued telephone expenses Accrued wages and salaries Prepaid rental Total 174 500 27,000 88.000 13 400 115.125 6200 1.000 200 2.000 994,525 994,525 Additional information: The closing inventory for Year 2019 was RM40.000 Required: (a) Prepare the Statement of Comprehensive Income as at 31 May 2019 for Happy Meals Caterer [10 marks b) Prepare the Statement of Financial Position as at 31 May 2019 for Happy Meals Caterer [10 marks] END OF QUESTION PAPER