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Answer ALL questions. 56 55 Petty Cash 920. 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 Premises 230.000 Purchases 540,000. Trial Balance as at 30 April 2021 Purchases Return 2.300.- Accounts Payable 56,300.- Salaries & Wages 105,000 Accounts Receivable 98,1004 Sales. 1,029 39042 Advertisements & Promotions 45,000 Sales Returns 3,500. Bank 245.000 Allowances for Doubtful Debt as at 1 May 2020- 6104 Capital at 1 May 2020- 500,000.- 1,669 700- 1,669 700.- 5% Fixed Deposits 50.000.- Carriage Inwards 6,280 Carriage Outwards 5,500 Commission Received 11,100. Discount Allowed 900- 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 RM23 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 250. Discount Receivede 1,000.- Drawings 21,000+ - Electricity & Telephone 39,000 le 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. 7 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 150.000,- Loan (9months) 5,000 () Explain the following terms. Provide relevant examples to support your answer (1) Historical cost concepts (6 marks) (ii) Prudence concepts (6 marks) [Total: 25 Marks HI E 10% Mortgage Loan from Bank FB- 58,000,- Office Supplies 20.000.- Office Supplies Expenser 4,500 HI EN