1 Encik Hakim started his business on 1 January 2023. His business, Kampung Pisang Trading was set up to offer exclusive traditional attires at an affordable price. He contributed RM80,000 to start up the business. Besides that, the business also obtained RM200,000 20-years loan from KKK bank. He also brought a used motor van valued at RM40,000 for business purposes. On 3 January 2023, Encik Hakim bought and recorded furniture and office equipment at a cost of RM7,000 and RM6,000 respectively. The business adopts the reducing balance method and plans to use the same method for the future accounting year. Encik Hakim assumes that his business will continue to operate and grow in the foreseeable future. Encik Hakim took RM500 to buy his daughter a birthday present and he did not record this transaction in the business books of accounts. The accounting year end of Kampung Pisang Trading is on 31 December each year. Required: a. Briefly explain the following business characteristics possessed by Kampung Pisang Trading. i. Capital contribution and ownership ii. Liabilities iii. Profit and loss (6 marks) b. Briefly discuss any TWO (2) accounting concepts mentioned above case study? (4 marks) (Total: 10 marks)