Question 4 (46 marks - 83 minutes) e trader extracted the following trial balance from his books at the close M MacDonald's, a sol of business on 31 October 2015. Cr(NS) 312 000 Dr (NS) Capital at 01 November 2014 Drawings 16 900 10 000 Cash 160 000 Trade receivables Allowance for receivable at 01 November 2014 50 000 125 000 Trade payables Building at cost Furniture at cost 370 000 110 000 Accumulated depreciation 01 November 2014 30 000 55 000 35 000 Buildings Furniture Bank overdraft 900 000 Revenue Purchases 570 000 9 300 14 000 Discount 80 000 Inventory at 01 November 2014 Returns inwards 8 100 5 700 Returns outwards 21 000 162 000 Carriage outwards Administrative expenses 1,522,000 1,522,000 The following additional information is also available *The allowance for receivables is to be adjusted to 5% of trade receivables. The allowance for receivables is treated as an administrative expense. Furniture is depreciated at 20% per annum using the reducing balance method and buildings are depreciated at 5% per annum on their original cost straight line Depreciation is treated as a cost of sale expense. Closing inventory has been counted and is valued at $37 500. An invoice of $7 500 for telephone costs relating to the quarter ended 30 November 2015 was received on 02 December 2015. Telephone costs are included in administrative expenses. Required: a) Journalise the adjustments on 31 October 2015 in the books of M MacDonald's. (5 Marks) b) Draw the statement of Comprehensive income for M MacDonald's for the year ended 31 October 2015. (20 marks) c) Draw up the statement of financial position for M MacDonald's as at 31 October 2015 (21 Marks)