QUESTION 1 (a) Discuss the following accounting concepts: i) Prudence concept ii) Materiality concept [ 5 marks] (b) Huda was decided to start a consultancy firm. She opens up a new company, Putri Kayangan. Date April 1 7 15 22 Transactions Huda contributed cash RM20,000 as capital. Putri Kayangan purchased a laptop RM3,000 and paid by cash. Putri Kayangan bought office stationery (paper and files) at RM2,000 from Munnah Enterprise. Putri Kayangan has rendered its first consultancy service to its client, Bunga Lestari Sdn Bhd. Received cash of RM3,500 for the service. Putri Kayangan paid the staff salary by cash RM2,500. Cash drawings from Putri Kayangan RM500 for her son's fees. Putri Kayangan paid to creditor, Munnah Enterprise by cash after 5% cash discount Putri Kayangan paid RM500 utilities bills in cash. 25 27 29 30 You are required to record all transactions in appropriate ledgers and closed the accounts. [ 15 marks ]