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Question 21 What are the responsibilities of the Management Committee (MC) or the professional property manager employed by the Owners' Corporation (OC) in keeping the accounts of an Owners' Corporation of a Building? (20 marks) Question 22 The following trial balance of M\&S Ltd as at 31 December 205 : Not be removed from the examination venue. 8 Question 22 (Cont'd) The following items are the adjustments required at the end of the year: 1. The closing inventory was valued at cost at $48,000. 2. Salesmen's commission, which is included in selling and distribution expenses, for December of $10,000 had not yet been accounted for. 3. Adminstrative expenses included a payment of $12,000 for insurance for the period 1 September 20x5 to 31 August 20x6. 4. The loan was taken out in 203 and is due for repayment in 208. Its interest rate is fixed at 10%. 5. The company's depreciation policies are as follows: Buildings: Straight-line over 20 years Machinery: Straight-line at 20% Motor vehicles: 25% on reducing balance The buildings cost is $200,000 6. $4,000 of receivables was considered doubtful at the year-end, and it was decided that an allowance for these should be accounted for. 7. Provision for $20,000 corporation tax. Prepare the Statement of Comprehensive Income and Statement of Financial Position of M\&S Ltd

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