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Briefly explain any two accounting concepts

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Question - On the 1st January 2018, Datuk Rizalman started a business and deposited $100,000 into a business bank account. Before commencing the business operation, a sufficient fund must be raised to support the planned level of activity. Datuk Rizalman estimated that a total of $105,000 initial investments is required. He managed to get a bank loan amounting to $5,000 at 15 January 2018.

The following are the assets and liabilities for the year ended 31 December 2018.

Particulars $

Premises 70,000

Fixtures and fittings 20,000

Inventories 4,500

Accounts receivable 3,500

Accounts payable 1,500

Motor vehicle 15,000

Bank 20,500

Office equipment 10,000

Additional bank loan 10,000

Cash 1,000

a. Briefly explain any TWO (2) accounting concepts that Datuk Rizalman was supposed to follow when dealing with his business.

b. Classify the assets of Datuk Rizalman's business into Non-Current Assets and Current Assets.

c. Identify the amount of Non-Current Assets and Current Assets as at 31 December 2018.

Reference no: EM132786583

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