You are required to pass the journal entries in the books of Gemini Ltd. are quoted in the market at 45 per share. The difference between the debtors and creditors is due to cash in transit. 2,000 only being the amount due to Gemini Ltd. 2,500 being the amount due from Galaxy Ltd. Which had a profit margin of 20 % on cost.ĭebtors of Gentlni Ltd includes Rs. Stock of Galaxy Itd includes goods worth Rs.7 ,500 purchased from Gemini Ltd. the amount for the fraction of shares shall be paid in cash calculated as per the market price of the share of Gemini Ltd.
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June 2023
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