Reference no: EM132736218
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
Problem a. Briefly explain any TWO (2) accounting concepts that Datuk Rizalman was supposed to follow when dealing with his business.
Problem b. Classify the assets of Datuk Rizalman's business into Non-Current Assets and Current Assets.
Problem c. Identify the amount of Non-Current Assets and Current Assets as at 31 December 2018.
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