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As the anditot of a business you discover the following rems during your review of...

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Accounting

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As the anditot of a business you discover the following rems during your review of the financial statements and books of acconnt that are not quite in compliance with the appropriate concepts. Required: Fot each of the following: (1) List one appropriate accounting concept to be applied (explanation is not required) (2) and show the effect on the Income Statement and the Balance Sheet of the adjustments needed to account for these items: (i) No deprectation has yet been calculated for machinery which has been bought last year, that cost RM500.000. The busintiss writes off machines on cost over 10 years. (ii) The business received RM10,000 from a tenant to a shop lot owned by the entity. Each month charged by the buginess 15 RM1,000, The tenamt has no outstanding balance from last year (iii) Premises iniurance for a whole sear in advance - RM12,000 - had becn paid 4 monthy before the year-end

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