Tina and Nori are partners of T&N Enterprise and have been carrying on a business as taxi operators for many years. The partnership deed provides the following: 1. Monthly salary of RM5,000 for each partner. 2. 5% interest per annum to be paid to Tina and Nori on their respective capital contributions of RM100,000 and RM200,000. 3. A profit sharing ratio of 75% for Tina and 25% for Nori. Details of the partnership's income statement for the year ended 31 December 2019 are as follows: RM Provisional adjusted income Capital allowances 120,000 10,000 Additional information: - Nori has a brought forward business loss of RM10,000 from the year of assessment 2018. - Tina also runs a travel agency as a sole proprietorship. During the year of assessment 2019, the business made an adjusted loss of RM7,000. Required: Compute the divisible partnership income or loss for both Tina and Nori, and also the total income of each partner for the year of assessment 2019.

Tina and Nori are partners of T&N Enterprise and have been carrying on a business as taxi operators for many years. The partnership deed provides the following: 1. Monthly salary of RM5,000 for each partner. 2. 5% interest per annum to be paid to Tina and Nori on their respective capital contributions of RM100,000 and RM200,000. 3. A profit sharing ratio of 75% for Tina and 25% for Nori. Details of the partnership's income statement for the year ended 31 December 2019 are as follows: RM Provisional adjusted income Capital allowances 120,000 10,000 Additional information: - Nori has a brought forward business loss of RM10,000 from the year of assessment 2018. - Tina also runs a travel agency as a sole proprietorship. During the year of assessment 2019, the business made an adjusted loss of RM7,000. Required: Compute the divisible partnership income or loss for both Tina and Nori, and also the total income of each partner for the year of assessment 2019.

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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