Question 2 Rahim and Chong have prepared their draft accounts for the year ended 30 April 2022. The draft accounts report a gross profit of RM157,846 and a net profit of RM51,024. Cash payments of RM15,000 to each partner have been included in expenses. At 1 May 2021 the balances on the partners' capital and current accounts were: Capital account Current account The partnership agreement includes the following terms: Share of profits and losses Salary Interest on capital (per annum). Rahim RM 125,000 (credit) 34,568 (credit) Required: Calculate: 2/3 18,000 8% Chong RM 70,000 (credit) 23,741 (debit) 1/3 12,000 8% The partnership agreement also states that the partners' capital account balances will remain fixed, and that the balances on the partners' current accounts should not be included in the calculation of interest on capital. a. the correct gross profit and net profit to be reported in the partnership profit and loss account for the year ended 30 April 2022. b. the amount of profit which will be credited to each partner's current account for the year to 30 April 2022. c. the balance on each partner's current account at 30 April 2022.

Question 2 Rahim and Chong have prepared their draft accounts for the year ended 30 April 2022. The draft accounts report a gross profit of RM157,846 and a net profit of RM51,024. Cash payments of RM15,000 to each partner have been included in expenses. At 1 May 2021 the balances on the partners' capital and current accounts were: Capital account Current account The partnership agreement includes the following terms: Share of profits and losses Salary Interest on capital (per annum). Rahim RM 125,000 (credit) 34,568 (credit) Required: Calculate: 2/3 18,000 8% Chong RM 70,000 (credit) 23,741 (debit) 1/3 12,000 8% The partnership agreement also states that the partners' capital account balances will remain fixed, and that the balances on the partners' current accounts should not be included in the calculation of interest on capital. a. the correct gross profit and net profit to be reported in the partnership profit and loss account for the year ended 30 April 2022. b. the amount of profit which will be credited to each partner's current account for the year to 30 April 2022. c. the balance on each partner's current account at 30 April 2022.

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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