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QUESTION 2 a) Alam and Ousman established the partnership call A&O. Both of them agreed that the profit and loss will be divided 60:40. i.
QUESTION 2 a) Alam and Ousman established the partnership call A&O. Both of them agreed that the profit and loss will be divided 60:40. i. Alam invests RM20,000 cash, and Ousman contributes RM30,000 cash and equipment of RM10,000 in their partnership Alam is an active partner and received RM5,000 as a salary. At the end of the year each partner will received 10% interest based on the cash capital they contributed iv. Ousman withdraw goods from partnership for his personal used amounted RM10,000. And A&O charges 5% interest on drawing. V. During the year, A&O received the net income of RM30,000. Required: State the journal entry for each of A&O Partnership transaction
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