MIDA Enterprise is a sole-proprietorship business owned by Ramidah Sani. The business runs a retail outlet selling traditional health care products in Masjid Tanah, Melaka. The account balances extracted from the ledger of the business as at 31st December 2020 are as follows: Accounts Title Accounts payable Accounts receivable RM 29,000 25,000 220,000 Capital Cash in hand Cash at bank 47,000 100,000 Commission received 18,000 Dividends on investment 6,200 Drawings 7,000 Furnitures 25,000 Interest expenses 4,800 Inventory, 1st January 2020 17,000 Loan from SITI Bank 50,000 Long-term investment 131,000 Purchases 95,500 Rental expenses 60,000 Return inwards 2,400 Return outwards Salaries & wages Sales 5,500 123,000 318,000 9,000 Water and electricity The inventory as at the financial year-end was valued at RM24,000.