Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 Udin and Idin, run the business together on the basis that the transaction gains and losses be divided equally. They do not have

image text in transcribed
Question 2 Udin and Idin, run the business together on the basis that the transaction gains and losses be divided equally. They do not have any books that open a special account to record these transactions. Each of them will do the record transaction respectively. The following are the transactions during year 2019: Jan. 29 Udin bought goods by cheque at RM2,100 Feb. 18 Udin paid the freight and insurance by cheque at RM320 Mar.12 Idin paid for storage expenses by cheque at RM102 15 Idin paid the freight and insurance by cheque at RM150 May 17 Idin sold goods and received cheque amounted to RM 3,850 Idin bought two small machine to cost RM1,270 each by cheque June 25 Udin paid installation cost at RM117 by cheque Jul. 18 Udin paid repairs and maintenance cost RM189 by cheque 26 Idin paid wages RM350 by cheque. Aug. 16 Udin sold a machine and received cheque amounted to RM1,000 23 Udin bought goods on credit at RM1,450 Sept. 17 Idin paid printing, stationery and postage RM104 by cheque 27 Idin sold goods and received cheque for RM3,220 They had decided to discontinue the joint venture on 30 September 2019. You are required to show the ledger accounts in respect of the books Udin and Idin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Assessment Manual For The Internal Audit Activity

Authors: The Internal Audit Foundation

2017 Edition

0894139975, 978-0894139970

More Books

Students also viewed these Accounting questions