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$1.$ No depreciation has been charged for the year. The company policy is to charge a full year$$s depreciation on all assets held at the year end at the following rates:

Office Building $-4\%$ per annum on cost Equipment $-5\%$ per annum on cost Motor vehicle $-10\%$ per annum on cost

$2.$ Supplies on hand at $31$ December $2023$ was RM$70,000.$ Supplies expenses for the year has not been recorded.

$3.$ Commission to salesmen is paid on net income for $2023$ are announced to be RM$500,000.$ The annual payment will be made on $2$ January $2024.$

$4.$ On $27$ December $2023$ the company purchased merchandise on account at a price of RM$120,000.$ The transaction has not been recorded as at $31$ December $2023.$

$5.$ It is estimated that the provision for doubtful debts for the year is RM$40,000.$

$6.$ A note payable of RM$800,000$ was issued on $1$ December $2023$ at $12\%$ per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. $25\%$ of the notes are due next year.

$7.$ At the end of the year $2023,$ RM$50,000$ of unearned revenue was earned. The sales revenue earned has not been recorded.

REQUIRED:

$($Show details of workings and round all numbers to the nearest RM$)$

$($a$)$ Prepare all the adjusting entries for Lava Premier Bhd for the financial year ended $31$ December $2023.($Omit all explanation$)$

$($b$)$ Prepare a Statement of Profit or Loss and Other Comprehensive Income for Lava Premier Bhd for the year ended $31$ December $2023$ according to MFRS $101$ Presentation of Financial Statements using one statement format.

$($c$)$ Prepare a Statement of Financial Position for Lava Premier Bhd as at $31$ December $2023$ in accordance to MFRS $101$ Presentation of Financial Statements.

$[$Please provide me with the full solutions to all the questions above, which is question $($a$),($b$)$ & $($c$).$ Also, the full solutions also means step$-$by$-$step workings for all the additional calculations needed to solve this question. Thank you!$]$

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