SULIT DPA20033: FINANCIAL ACCOUNTING 2 QUESTION 4 Sakinah, Afif and Atiqah are a partnership business...
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SULIT DPA20033: FINANCIAL ACCOUNTING 2 QUESTION 4 Sakinah, Afif and Atiqah are a partnership business that share profit and loss at the ratio of 3:1:1. The partnership agreement made between them stated the following: i RM9,600 per year is paid to Sakinah as salary. ii. Interest of 10 per cent per year is paid on capital contributed by partners. iii. Interest of 8 per cent per year is charged on loan given to partners and credited in partner's current account. iv. Interest on drawing agreed at 5% per annum Partner's capital account, current account and loan account on 1 January 2018 were as follows: Current Account (RM) Loan Account Drawings (RM) (RM) Capital Account (RM) Sakinah 160,000 4,524 (Cr) 24,440 Afif 100,000 3,440 (Cr) 15,000 24,490 Atiqah 80,000 2,744 (Cr) 16,560 The statement of profit or loss and other comprehensive income on 31 December 2018 showed net profit of RM127,600. Total salary received until 31 December 2018 is RM6,000. You are required : CLO1 a. To complete the current account of each partner. (13 markah) C3 CLO1 C3 b. To complete the Statement of Profit or loss Appropriation account for the year ended 31 December 2018. (8 markah)
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