maining Time: 1 hour, 49 minutes, 31 seconds. estion Completion Status: Adjustments required for the year ended 31 March 2022 are: i. The closing inventory on 31 March 2022 was valued at RM600,000. II. Outstanding rental expenses at year end totalled RM15,000. iii. One-half of the prepaid insurance expired during the course of the year. iv. Allowance for doubtful debts is to be provided at 5% of Accounts Receivable. V. The depreciation rates of fixed assets are as follows: Building at 2% per annum, straight-line method, Motor vehicles at 20% per annum, diminishing balance method, and Furniture and fittings at 10% per annum, straight line method. Required: a. Prepare general journal entries to record the above adjusments for the year ended 31 March 2022. Show your workings. Narrations are required. b. Prepare the following financial statements for Hart2Hart Traders: i. Income Statement for the year ended 31 March 2022. II. Owner's Equity Statement for the year ended 31 March 2022. iii. Balance Sheet as at 31 March 2022. (10% marks) (16 marks) (3 marks) (12% marks) [Total: 42 marks]