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On the 1st January 2019, Sofiane started a business and deposited RM 100,000 into a business bank account. Before commencing the business operation, a sufficient fund must be raised to support the

On the 1st January 2019, Sofiane started a business and deposited RM 100,000 into a business bank account. Before commencing the business operation, a sufficient fund must be raised to support the planned level of activity. She managed to get a bank loan amounting to RM5,000 as at 15 January 2019. The following are the assets and liabilities for the year ended 31 December 2019. Particulars Premises (net book value) Fixtures and fittings (net book value) Inventories Accounts receivable Accounts payable Motor vehicle Bank Office equipment (net book value) Additional bank loan Cash RM 70,000 20,000 4,500 3,500 1,500 15,000 20,500 10,000 10,000 1,000 Required: a) Briefly explain any FOUR (4) accounting concepts that Sofiane was supposed to follow when doing her business

Apr 13 2021 View more View Less

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