Answer ALL questions. Petty Cash 9204 - Premises 230,0004 Question 1 EPL Enterprise sells computer accessories like keyboard, printer and scanner. The following is the Trial Balance of EPL Enterprise as at 30 April 2021 Purchasese 540,000,- Trial Balance as at 30 April 2021 Purchases Returne 2,300.0 Accounts Payable- 56,30042 Salaries & Wages 105.0004 Accounts Receivable 98,100.- Salese 1,029,3904 Advertisements & Promotionse 45,000 Sales Retume 3,5004 Bank 245.0004 - Allowances for Doubtful Debt as at 1 May 2020- 610. Capital at 1 May 2020- 500,000. 1.669,700- 1,669,7004 5% Fixed Deposits 50.000 6.280. Carriage Inwards Carriage Outwards 5.500 Commission Received 11,100.- Discount Allowed 9004 Additional Information: Inventory valued at 30 April 2021 is RM 90.000- The Fixed Deposit account was opened on 1 Nov 2020 and interest is at 5% per annum No interest has been received during the year The owner took cash RM500 and goods worth RM3,500 for personal use. The loan from Bank FB was taken on 1 May 2020. No interest has been paid on this loan at the end of accounting period Allowances for Doubtful Debt were to be adjusted to RM723 Depreciation is to be provided as follows: Premises - 2% on straight line method Office Supplies - 12% on reducing balance method The following adjustments are to be considered for the period: Prepayment: Commission received - RM1,000.- Accrual Electricity & Telephone - RM 250w Discount Received 1.000.- Drawings 21.000- Electricity & Telephone 39.000- Accumulated Depreciation as at 1 May 2020:- Required: Premises 4.000.- (a) Prepare the Statement of Profit or Loss for the year ended 30 April 2021. ( marks) Office Supplies 2.000 + Inventory at 1 May 2020- 105,000- (b) Prepare the Statement of Financial Position as at 30 April 2021 (6 marks) Land- 150.0004 + Loan (9months) 5.0004- (c) Explain the following terms. Provide relevant examples to support your answer. (1) Historical cost concepts (6 marks) (11) Prudence concepts (6 marks [Total: 25 Marksi- 10% Mortgage Loan from Bank FB- 58.00042 Office Supplies 20 000- Office Supplies Expense 4,5004