Photos - Q1.png _ .. See all photos + Add to 7 Edit & Create UP QUESTION ONE a) Mr Amir is the accountant for Titian Enterprise. He was asked to prepare the final accounts for the company for the year ended 31 December 2019. Mr Amir was given the following information for him to prepare the final accounts. i) Mr Leman, the owner of Titian Enterprise, had taken RM3,000 out of the company's bank account to purchase a motorbike for his son. ii) During the Covid 19 pandemic, Mr Leman asked Mr Amir to assume that the company will not operate starting January the next year, however, Mr Amir did not agree to this and he is confident that the business will continue to operate in its present form for many years. iii) The building and vehicle had been depreciated using the straight-line method. This year, Mr Leman thinks that they should now be depreciated using the reducing balance method. REQUIRED In each case, identify and then explain the main accounting concepts being highlighted or violated and indicate how each should be treated in the final accounts. b) Accountantsrecognizeeachformofbusinessorganisationsasaneconomicunitseparatefrom its owners. Briefly discuss characteristics of each business organisation below. i) Partnership ii) Cooperation O w Type here to search o a : )) 1:18 AM 11/20/2020 Photos - Q1.png _ .. See all photos + Add to 7 Edit & Create UP QUESTION ONE a) Mr Amir is the accountant for Titian Enterprise. He was asked to prepare the final accounts for the company for the year ended 31 December 2019. Mr Amir was given the following information for him to prepare the final accounts. i) Mr Leman, the owner of Titian Enterprise, had taken RM3,000 out of the company's bank account to purchase a motorbike for his son. ii) During the Covid 19 pandemic, Mr Leman asked Mr Amir to assume that the company will not operate starting January the next year, however, Mr Amir did not agree to this and he is confident that the business will continue to operate in its present form for many years. iii) The building and vehicle had been depreciated using the straight-line method. This year, Mr Leman thinks that they should now be depreciated using the reducing balance method. REQUIRED In each case, identify and then explain the main accounting concepts being highlighted or violated and indicate how each should be treated in the final accounts. b) Accountantsrecognizeeachformofbusinessorganisationsasaneconomicunitseparatefrom its owners. Briefly discuss characteristics of each business organisation below. i) Partnership ii) Cooperation O w Type here to search o a : )) 1:18 AM 11/20/2020