A. Aishah and Aileen were partners in Double-A Wellness Spa Centre. The business closes its accounts to 31 December annually. Up to 30 June 2017, Aishah and Aileen shared their profits in the ratio of 50:50. From 1 July 2017 their profit sharing ratio was changed to 25:75. Aileen left the partnership to set up her own spa centre on 1 October 2017. Also on 1 October 2017 Aida was admitted to the partnership and the agreed profit sharing ratio between her and Aishah from that date was 50:50. The relevant details of the partnership for the year of assessment 2017 are: RM Divisible income 200,000 Partner's salaries (all partners were each paid a salary for each month they worked in the nartnershin) 2,000/month

A. Aishah and Aileen were partners in Double-A Wellness Spa Centre. The business closes its accounts to 31 December annually. Up to 30 June 2017, Aishah and Aileen shared their profits in the ratio of 50:50. From 1 July 2017 their profit sharing ratio was changed to 25:75. Aileen left the partnership to set up her own spa centre on 1 October 2017. Also on 1 October 2017 Aida was admitted to the partnership and the agreed profit sharing ratio between her and Aishah from that date was 50:50. The relevant details of the partnership for the year of assessment 2017 are: RM Divisible income 200,000 Partner's salaries (all partners were each paid a salary for each month they worked in the nartnershin) 2,000/month

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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