QUESTION 2 (25 MARKS) Miss Adila, the owner of Laundry Cafe Enterprise has hired you as an accounts assistant for her business. She requested you to help her to prepare the financial statement for her business. She provided to you the trial balance as at 31 March 2016 from the books of Laundry Cafe Enterprise Credit (RM) 6.000 Debit (RM) 40.000 4.000 7.000 5.600 4.400 160.000 300.000 6,400 5.400 4.600 28,000 33.000 2.600 5.200 5.000 1.000 Particulars Inventory as at 1 April 2015 Sales & purchase retum Carriage inwards Duty on purchase Carriage outwards Purchase & Sales Discount received Insurance on purchase Commission received Shop rental Salary Salesman Commission Discount Allowed Interest expense Allowance for doubtful debts Accumulated Depreciation Delivery van Cabinet Office equipment Delivery van Cabinet Office equipment Account Receivable Account Payable Telephone & electricity Insurance Cash at bank Petty Cash Loan from Aflin Bank (10% per annum) Drawings Capital 28.000 12.000 10.000 70.000 60,000 100,000 50.000 40.000 10.000 9.000 50.000 3.000 100.000 600 144.800 652.8.0.0 652.800 The following adjustment need to be considered: 1. The shop rental is RM 1,000 per month. It was paid in advance for two months 2. Salary for fashion designer amounting to RM 1,500 still unpaid. 3. Interest on loan from Affin Bank for half a year was outstanding. 4. One of the customers was declared bankrupt and unable to settle his debts. The customer still owed RM2,000. 5. Allowance for doubtful debts on accounts receivable need to be provided at 5%. 6. An annual depreciation needs to be provided as follows: Delivery Van - 20% on cost Cabinet - 10% straight line method Office equipment - 10% on cost 7. Miss Adila, the owner, withdrew petty cash of RM100 and took a dress amounting to RM200 for her daughter's birthday. 8. Inventory as at 31 March 2016 was RM16,000. You are required to prepare: Statement of Comprehensive Income for the year ended 31 March 2016. (15 marks) Statement of Financial Position as at 31 March 2016. (10 marks) b. Note: Calculate the answer to the nearest RM