? Question 1: Thania is a sole trader and she runs a supermarket which is her family business. She does not keep proper accounts but would like to compute her profits at financial year end. Her assets and liabilities are as follows: 1 January 2020 31 December 2020 RM RM Motor vehicles at cost 150,000 Accumulated depreciation 30,000 ? Fixture and fittings at cost 50,000 Accumulated depreciation 10.000 Inventories 20,000 35,000 Trade receivables 15.000 20,000 Payables 25,000 30,000 Cash at bank 18,000 12,000 Prepaid rent 8.000 ? ? Additional information: 1. During the year Thania withdrew RM150 each month for 6 months due to personal expenses. 2. Thania introduced fresh capital into the business amounting to RM100,000 during the year. 3. All non-current assets are subject to 20% per annum on cost. 4. An allowance of 10% on account receivable was created. Required: (a) Prepare the Statement of affairs to compute the opening and closing capital. (18 marks) (b) Prepare the Statement of profit or loss to ascertain the profit/loss for the financial year. marks) (c) Explain the disadvantages of a single-entry recording system practiced in a company. (6 (6 marks)