QUESTION 2 (20 MARKS: 36 MINUTES) The following selected business transactions were completed by Mohd Yousuf Enterprise throughout November 2016. Mohd Yousuf uses the perpetual inventory system. November 1 Purchased merchandise for cash 60% and the remaining on account from Noor Alia Co. The list price was RM105,500, trade discount of 12% and terms, 5/10,n/30. 3 Purchased merchandise on account from Ahmed Kareem Co., RM45,900, terms FOB destination, 6/10,n/30. The cost of transportation RM4,800 and it was paid by Mohd Yousuf Enterprise. 6 Sold merchandise on account to Yasmeen Co., list price RM90,600, terms 4/10,n/30. The cost of the merchandise sold was RM75,300. 9 Returned RM6,850 of merchandise purchased on 3 November from Ahmed Kareem Co. 10 Paid full payment to Noor Alia Co. for purchase of 1 November. 17 Paid full payment to Ahmed Kareem Co. for purchase of 3 November. 19 Received cash from Yasmeen Co. for sale of November. 22 Sold merchandise RM135,000 for cash. The cost of the merchandise sold was RM 82,800. 25 Sold merchandise for cash 80% and the remaining on account to Anti Sarima Co., RM37,250, terms 5/10,n/30. The cost of the merchandise sold was RM25,500. 30 Received merchandise returned by Anti Sarima Co. from sale on November 25, RM8,700. The cost of the returned merchandise was RM4,200. REQUIRED: (a) Prepare the journal entries to record the transactions of Mohd Yousuf Company for November 2016. (Explanations are not required). (17 Marks) (b) Give ONE (1) advantage and ONE (1) disadvantage of partnership. (2 Marks) (c) Define a corporation and give ONE (1) advantage of the corporation. (1 Mark)