You are required to prepare a written report for the following tasks:

Transactions for the month of November of a small grocery store, RAVABREAD Enterprise are given as the following.

2020

NOV1Initial investment to start the business with RM105,000 cash

2Put RM90,000 of the cash into a bank account

3Bought goods for cash RM5,500

4 Bought goods on credit from: KABARM800; SABA RM930; JABA RM160; BABA RM510

5Bought stationery on credit from BREAD Bhd RM89

6Sold goods on credit to: CAMA RM170; BAMA RM240; GAMA RM326; TAMARM204.

8Rent paid by cheque RM220

10Bought fixtures & fittings by credit from CHAIR Bhd RM610.

11Paid salaries in cash RM790.

14Returned goods to SABA RM30;JABA RM42.

15Bought a Mini Van by chequeRM6,500.

16Received loan from Maybank Bhd by cheque RM2,000.

18Purchases return: CAMA RM5; GAMARM20.

21Cash sales RM145

24Sold goods on credit to BAMA RM130, TAMA RM410; PAMA RM158.

26Rava paid the following by cheque: SABA RM900; JABA RM118.

29Received cheques from PAMA RM158; BAMA RM370.

30Received a further loan from Maybank Bhd by cash RM500.

30Received RM614 cash from TAMA

Required:

(a) Prepare a Prime Book Entry for the above transactions

(10marks)

(b) Record the transactions in Ledgers and Balance-off the ledgers.

(15 marks)

(c) Extract a trial balance.

(10marks)

(d) Prepare Statement of Profit or Loss & Statement of Financial Position.

(15 marks)

(e) Briefly explain about Accounting Cycle according to the standards.

(10 marks)

(f) Explain about the Accounting Principles and its importance in preparing accounting information.

(10 marks)

(g) Explain briefly on the history of Accounting Standards and its development in Malaysia with examples of its professional bodies as well. (15 marks)

(h) Discuss and explain the process flows of settingAccounting Standards in Malaysia based on industries of the users of Accounting Information.

(15marks)