PART BLaila, Hakim and Amirul are in partnership sharing profits in the ratio 3:2:1. The partnershipagreement includes the following information:Interest on capital is at 12% per annum.Salary Amirul is RM8,000 per annum.Interest on drawing is at 6% per annumThe interest on loan is 6% per annuma.b.C.d.Additional information:i.Net profit for the year ended 31 December 2021 was RM26,530.i.Capital balances as at 31 December 2021 were:LailaHakimRM22,000RM10,000RM 8,000AmirulCurrent account balances as at 31 December 2021:RM5,500RM (2,700)RM3,800LailaHakimAmiruliv.Drawings by partners during the year were:RM8,000RM6,000RM9,000LailaHakimAmirulv.Loan from Laila RM8,000. Required:Prepare the Profit and Loss Appropriation Statement for the year ended 31 December2021.a.The partners' current account.The partners' capital account.b.C.

Interest on loan=Loan amount×6%=RM 8000×6%=RM 480

Laila, Hakim and Amirul are in partnership sharing profits in the ratio 3:2:1. The partnership agreement includes the following information: Interest on capital is at 12% per annum. Salary Amirul is RM8,000 per annum. Interest on drawing is at 6% per annum The interest on loan is 6% per annum a. b. C. d. Additional information: i. Net profit for the year ended 31 December 2021 was RM26,530. ii. Capital balances as at 31 December 2021 were: Laila Hakim Amirul RM22,000 RM10,000 RM 8,000 Current account balances as at 31 December 2021: Laila Hakim RM5,500 RM (2,700) RM3,800 Amirul iv. Drawings by partners during the year were: RM8,000 RM6,000 RM9,000 Laila Hakim Amirul Loan from Laila RM8,000.

Laila, Hakim and Amirul are in partnership sharing profits in the ratio 3:2:1. The partnership agreement includes the following information: Interest on capital is at 12% per annum. Salary Amirul is RM8,000 per annum. Interest on drawing is at 6% per annum The interest on loan is 6% per annum a. b. C. d. Additional information: i. Net profit for the year ended 31 December 2021 was RM26,530. ii. Capital balances as at 31 December 2021 were: Laila Hakim Amirul RM22,000 RM10,000 RM 8,000 Current account balances as at 31 December 2021: Laila Hakim RM5,500 RM (2,700) RM3,800 Amirul iv. Drawings by partners during the year were: RM8,000 RM6,000 RM9,000 Laila Hakim Amirul Loan from Laila RM8,000.

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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