Part A (20 marks) 1. You are required to set up a business as a sole trader. Explain why you would set-up a sole trader business rather than a partnership. (10 marks) 2. You are required to create transactions related to the business that you have created for the month of August 2023. All the transactions are to be explained with the nature of your business (be creative). [Eg: For credit sales - you can write as (a) sold books on credit for RM10,000 or (b) Sold a dozen of book on credit worth RM1,00 each book The second one reflects creativity./ Marks will be based on your creativity. (10 marks) You must have the following transactions: Recording i. Record the transaction in proper journal. (10 marks) ii. Post the transactions to the relevant ledgers. (15 marks) iii. Prepare an unadjusted trial balance as at 31 August 2023. (5 marks) iv. Prepare profit and loss statement for the year ended 31 August 2023. (10 marks) v. Prepare statement of financial position as at 31 August 2023. (10 marks) Criteria for grading You have to demonstrate the knowledge acquired during the class. If you have referred to any books or websites to provide your opinion, you are required cite them in the bibliography Should the work be similar with your classmates, the assignment will automatically be void. All work must be neatly types using Microsoft Office software. (Eg: Microsoft word \& Excel Part A (20 marks) 1. You are required to set up a business as a sole trader. Explain why you would set-up a sole trader business rather than a partnership. (10 marks) 2. You are required to create transactions related to the business that you have created for the month of August 2023. All the transactions are to be explained with the nature of your business (be creative). [Eg: For credit sales - you can write as (a) sold books on credit for RM10,000 or (b) Sold a dozen of book on credit worth RM1,00 each book The second one reflects creativity./ Marks will be based on your creativity. (10 marks) You must have the following transactions: Recording i. Record the transaction in proper journal. (10 marks) ii. Post the transactions to the relevant ledgers. (15 marks) iii. Prepare an unadjusted trial balance as at 31 August 2023. (5 marks) iv. Prepare profit and loss statement for the year ended 31 August 2023. (10 marks) v. Prepare statement of financial position as at 31 August 2023. (10 marks) Criteria for grading You have to demonstrate the knowledge acquired during the class. If you have referred to any books or websites to provide your opinion, you are required cite them in the bibliography Should the work be similar with your classmates, the assignment will automatically be void. All work must be neatly types using Microsoft Office software. (Eg: Microsoft word \& Excel