QUESTION 1 On the 1st January 2018, Datuk Sapan started a business and deposited RM100,000 into a business bank account. Before commencing the business operation, a sufficient fund must be raised to support the planned level of activity. Datuk Sapan estimated that a total of RM105,000 initial investment is required. He managed to get a bank loan amounting to RM5,000 as at 15 January 2018. The following are the assets and liabilities for the year ended 31 December 2018. Particulars RM Premises (carrying amount) 70,000 Fixtures and fittings (carrying amount) 20,000 Inventories 4,500 Accounts receivable 3,500 Accounts payable 1,500 Motor vehicle 15,000 Bank 20,500 Office equipment (carrying amount) 10,000 Additional bank loan 10,000 Cash 1.000 Required: a. Briefly explain any TWO (2) accounting concepts that Datuk Sapan was supposed to follow when dealing with his business. b. (5 marks) i. Classify the assets of Datuk Sapan's business into Non-Current Assets and Current Assets. (4 marks) Identify the amount of Non-Current Assets and Current Assets as at 31 December 2018. (8 marks)