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QUESTION TWO Selected accounts of Hans Ltd and their balances for the financial year ending 31December 2014 are provided below Debit $ Credit S 234,000 80,000 Sales Revenue Accounts Payable Accounts Receivable 75,000 Cost of goods sold 85,000 50,600 148,000 Salaries Payable Cash at Bank Share Capital (15,000 shares) Inventory Prepaid Insurance Revenue Received in Advance Rent expense Provision for long service leave Salaries expense 15,000 150,000 28,500 70,000 38,000 10,600 5,500 Additional information (not included in the figures above) a delivery truck on 1 December 2014 for $18,000, paying $8,000 cash and signing a 2-month note payable for the remaining balance. Interest rate on the i) The market value less costs to sell of the inventory on hand at 31 December 2014 is iv Hans Ltd took out a loan of $80,000 at an annual interest rate of 10% from Mercantile note is 12% per annum. The truck is expected to depreciate $3,000 each year $149,500 ii) Cost of insurance that has expired during the financial year amounted to $20,000. Bank on 31 December 2014. The loan is repayable over 5 years with $12,000 of the loan is payable within 12 months. No interest is accrued on 31 December 2014. REQUIRED (a) Using the additional information provided above for Hans Ltd, prepare the adjust journal entries f.e. balance day adjustments) at 31 December 2014. (Narrations are not required) (b) Prepare the fully classified 'Assets' and 'Liabilities' sections of the Statement of Financial Position of Hans Ltd as at 31December 2014. [4 + 8 = 12 marks]