Bersatu Enterprise is them contributed the capital of RM80,000 and RM60,000 each. The terms of their partnership business owned by and Syazmin. Each öf agreement are as follows: Syazmin 5% RM5,000 RM10,000 RM6,000 Siti Interest on capital (per annum) Salary (per month) Travelling allowance (per annum) Entertainment allowance (per annum) 5% RM8,000 RM13,000 RM7,500 Profit and loss sharing ratio is as per partner' capital contribution. On 1 November 2016, Solihin joined the partnership and contributed RM50,000 as capital. The terms of partnership on profit sharing ratio and interest on capital remain unchanged. Solihin also received travelling allowance amounted to RM6,000 per annum and entertainment allowance of RM5,000 per annum. Additional information: 1. The provisional adjusted income for the year ended 31 December 2016 was RM253,600. 2. The partnership made a cash donation of RM3,000 to Persatuan OKU Malaysia (Approved Instituution) in October 2016. 3. The amount of capital allowance and balancing charges available to the partnership for the year of assessment 2016 were RM10,800 and RM6,700 respectively. 4. Syazmin received rental income of RM15,700 in the year of assessment 2016. Required: i. Compute the total income for Siti, Syazmin and Solihin for the year of assessment 2016.
Bersatu Enterprise is them contributed the capital of RM80,000 and RM60,000 each. The terms of their partnership business owned by and Syazmin. Each öf agreement are as follows: Syazmin 5% RM5,000 RM10,000 RM6,000 Siti Interest on capital (per annum) Salary (per month) Travelling allowance (per annum) Entertainment allowance (per annum) 5% RM8,000 RM13,000 RM7,500 Profit and loss sharing ratio is as per partner' capital contribution. On 1 November 2016, Solihin joined the partnership and contributed RM50,000 as capital. The terms of partnership on profit sharing ratio and interest on capital remain unchanged. Solihin also received travelling allowance amounted to RM6,000 per annum and entertainment allowance of RM5,000 per annum. Additional information: 1. The provisional adjusted income for the year ended 31 December 2016 was RM253,600. 2. The partnership made a cash donation of RM3,000 to Persatuan OKU Malaysia (Approved Instituution) in October 2016. 3. The amount of capital allowance and balancing charges available to the partnership for the year of assessment 2016 were RM10,800 and RM6,700 respectively. 4. Syazmin received rental income of RM15,700 in the year of assessment 2016. Required: i. Compute the total income for Siti, Syazmin and Solihin for the year of assessment 2016.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bersatu Enterprise is a partnership business owned by Siti and Syazmin. Each of
them contributed the capital of RM80,000 and RM60,000 each. The terms of their
agreement are as follows:
Syazmin
5%
Siti
Interest on capital (per annum)
Salary (per month)
Travelling allowance (per annum)
Entertainment allowance (per annum)
5%
RM8,000
RM13,000
RM7,500
RMS,000
RM10,000
RM6,000
Profit and loss sharing ratio is as per partner' capital contribution.
On 1 November 2016, Solihin joined the partnership and contributed RMS0,000
as capital. The terms of partnership on profit sharing ratio and interest on capital
remain unchanged. Solihin also received travelling allowance amounted to
RM6,000 per annum and entertainment allowance of RM5,000 per annum.
Additional information:
1. The provisional adjusted income for the year ended 31 December 2016 was
RM253,600.
2. The partnership made a cash donation of RM3,000 to Persatuan OKU
Malaysia (Approved Instituution) in October 2016.
3. The amount of capital allowance and balancing charges available to the
partnership for the year of assessment 2016 were RM10,800 and RM6,700
respectively.
4. Syazmin received rental income of RM15,700 in the year of assessment 2016.
Required:
i. Compute the total income for Siti, Syazmin and Solihin for the year of
assessment 2016.
D.
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