1 Michael Trading is a stationery store and owned by Sharizan. Below are the transactions of Michael Trading for the month of November 2019. November 2019 Transactions 1 Started the business with RM20,000 cash. 3 Purchased Fujixerox printer RM700 by cheque for office use. 13 Sold goods on credit to Rachel RM500. 14 Banked in cash RM3,000. 17 Paid rental of premises amounting to RM400 by cash. 21 Sharizan took RM800 from the bank and RM200 goods for personal use. 24 Sales returned by Rachel amounted to RM200. 26 The business bought a motor vehicle for RM4,500 cash. 28 Paid utility bills and wages of RM100 and RM500 cash respectively. Required: Identify the effects (increase or decrease) on assets, liabilities, owner's equity, revenues or expenses for the transactions dated from 1 November 2019 to 24 November 2019 and show the accounts to be debited and credited for each of the transactions given below: Question 2 The following is the Trial Balance extracted from the books of Four Sons Enterprise as at 31 December 2018. List of accounts Debit (RM) Credit (RM) Capital 292,350 Purchases and sales 95,000 160,000 Sales return 3,800 Purchase return 4,400 Motor van (cost) 75,000 Building (cost) 160,000 Furniture and fittings (cost) 40,000 Accumulated depreciation as at 1 January 2018: Motor van 15,000 Building 16,000 Furniture and fittings 14,400 10% Long term investment 160,000 5% Fixed deposit 30,000 Rental received 6,000 Commission received 2,000 Repairs and maintenance 2,000 Carriage inwards 1,500 Carriage outwards 1,000 Discount allowed 1,600 Discount received 900 Water and electricity 10,800 Salaries 45,000 Insurance expense 8,500 Advertising 4,000 Bad debt recovered 1,500 Stationeries 1,800 Interest on bank loan 7,500 5% Bank loan 200,000 Allowances for doubtful debt as at 1 January 2018 2,500 Bank 28,000 Cash 8,750 Accounts receivable and accounts payable 25,000 26,200 Inventory as at 1 January 2018 30,000 Drawings 2,000 Total 741,250 741250 Additional information: 1. Depreciations for the year are to be provided as follows: Motor van 10% on cost Building 10% on cost Furniture and fittings 20% on carrying value 2. The owner has taken goods worth RM700 for personal use and no record has been made in any books. Required: a. Statement of Profit or Loss for the year ended 31 December 2018. b. Statement of Balance Sheet as at 31 December 2018