Prepare a statement of profit and loss allocation, capital account, current account, and extract of statement of financial position at that date from the following for the year ending December 31, 2020: i) A net gain of RM30,350 ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500. iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest. iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim. v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%. vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860 vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000 viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
Prepare a statement of
i) A net gain of RM30,350
ii) Capitalized interest to be assessed: Halim paid RM900, Wong RM2,000, and Pang RM1,500.
iii) Drawings for Wong, Pang, and Halim will each be subject to RM240 in interest.
iv) Salary credits to be given: RM2,000 for Pang; RM3,500 for Halim.
v) Wong will receive 50% of the profit, Pang 30%, and Halim 20%.
vi) Current account b/f: Halim RM717, Pang RM946, and Wong RM1,860
vii) Capital account between Wong, Pang, and Halim: RM40,000; RM30,000; and RM18,000
viii) Drawings: Halim RM6,900; Wong RM 9,200; Pang RM 7,100
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