Sitisyaqilah/iceps/acc407/octfeb2021/Tutorial_C2-C5 Vernon is left RM10,000 by his great aunt in his will. He puts RM4,000 into his own current account and with the remaining RM6,000 he decides to start up a business selling bags. The following are his transactions in the first month of business. 1 March 2 March 5 March 10 March 11 March 12 March 12 March 14 March 14 March 17 March 17 March 19 March 20 March 21 March 25 March 25 March 25 March 26 March 27 March 27 March 30 March 31 March Vernon pays RM6,000, into the business bank account The business buys 200 bags for RM1,600 from VRU Co and pays by cheque The business sells half the bags for RM1,200 cash to AB Videos The business buys a van for RM2,500 and pays by cheque The business buys 50 bags for RM8 each from AA Co on credit The business buys 100 bags for RM8 each from AA Co on credit 75 bags are bought on credit from B Co for RM600 50 bags are sold on credit for RM2,100 to SS Co 25 bags are sold on credit to T Co for RM350 50 bags are sold to SS Co for RM700 on credit RM300 rent is paid, in respect of March, for the business premises Paid RM900 to AA Co Received RM1,000 from SS Co Vernon pays a cheque into the business bank account from his current account for RM4,000 200 bags are bought from AA Co for RM800 credit 25 bags are bought on credit from B Co for RM200 200 bags are bought on credit from CC Co for RM1,600 Sold 25 bags on credit for RM1,350 to UEE Co Sold 100 bags for RM1,100 to VV Co on credit Sold 20 bags on credit for RM260 to WD Co Vernon withdrew RM700 from the bank, paying his assistant RM400 and keeping the remaining RM300 for himself Invoices received for RM150 for electricity and RM50 for the telephone Required: 1. Prepare the book of prime entry 2. Prepare the ledger accounts 3. Prepare the trial balance as at 30 March 2021 4. Prepare the Financial Statements (SOPL and SOFP) for the year ended 31 March 2021