QUESTION 1 (25 MARKS)

Explain the TWO (2) differences between accounting and booking

(6 Marks)

Describe TWO (2) roles of an accountant.

(6 Marks)

In Malaysia, for anyone to start running a business will have to undergo business registration with the Companies Commission of Malaysia abbreviated SSM (Suruhanjaya Syarikat Malaysia). Given there are different types of entities available in Malaysia, it is crucial to understand their functions to ensure that it suits your business plan and expectations.

Required:

Define THREE (3) type of business entities.

(9 Marks)

List TWO (2) advantages and disadvantages for each type of business entities.

(4 Marks)

QUESTION 2 (25 MARKS)

Sunny Sdn. Bhd. a store owner, extracted the following trial balance from his books at the close of business on 31 December 2021.

Account	RM
Sales	327,624
Opening stock	35,000
Purchases	200,000
Purchases returns	300
Salaries	3,000
Sales retruns	350
Utilities	600
Insurance	900
Motor expenses	700
Stationery	1,318
Interest on loan	1,000
Import duty	400
Land and building	91,500
Trade receivables	50,000
Trade payables	44,911
Motor vehicle	25,000
Office furniture	15,000
Cash in hand	2,970
Cash in bannk	1,930
Drawings	2,000
Capital	49,933
10-year loan from Maybank	10,000
Discount revenue	600
Discount allowed	1,700
Closing stock	40,000

You are required to prepare:

Statement of Profit of Loss for the year ended 31 December 2021.

(12 marks)

Statement of Finanacial Position as at 31 December 2021.

(13 marks)