Question 1 Following is the unadjusted trial balance of Muller Traders: Unadjusted Trial Balance as at 30 April 2021 Cash in Hand 1,200 Sales Return 1,800 Carriage Outwards 3,200 Stationeries Expense 3,300 Import Duties 3,600 Management Consultation Expense 4,100 Withdrawals 4,500 Carriage Inwards 5,600 Insurance 6,500 Stock of Stationeries 6,800 Utilities 7,500 Loan given to staffs 9,000 Advertisement 12,000 Salaries 18,000 Fixed Deposit 25,000 Inventory as at 1 May 2020 36,000 Accounts receivable 40,000 Machineries 120,000 Motor Vehicles 150,000 Purchases 211,900 Premises 180,000 Accounts payable 35,200 Bank Overdraft 45,000 Capital 250,000 Interest on fixed deposits 2,100 Mortgage loan 80,000 Purchases returns 1,900 Rental Received 10,000 Sales 425,800 Total 850,000 850,000 Additional Information: Inventory valued at 30 April 2021 RM45,000 You are required to a. prepare a statement of financial performance for the year ended 30 April 2021 b. prepare a statement of owners equity for the year ended 30 April 2021 c. prepare a statement of financial position as at 30 April 2021 d. explain the purpose of preparing a statement of financial performance and statement of financial position Question 2

Explain the following terms: a. Going concern assumption b. Expenses c. Duality concept d. Sole trader business