(b) The partnership of Fatimah and Anisa commenced on 1 January 2020 and accounts are prepared...

 

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(b) The partnership of Fatimah and Anisa commenced on 1 January 2020 and accounts are prepared to 31 December annually. Their partnership recorded a profit before appropriation of RM60,000. The partnership agreement provided for the following: Interest on capital and drawings 3% per annum for each partner Fatimah's drawings RM4,200 Anisa's drawings RM1,400 RM14,000 RM7,000 Fatimah's capital contribution Anisa's capital contribution Salary: Fatimah Share on divisible income / (loss): Fatimah Anisa Required: Prepare a profit and loss appropriation account. RM28,000 2/3 1/3 How does the tax treatment apply to the partnership? (16) (4) (b) The partnership of Fatimah and Anisa commenced on 1 January 2020 and accounts are prepared to 31 December annually. Their partnership recorded a profit before appropriation of RM60,000. The partnership agreement provided for the following: Interest on capital and drawings 3% per annum for each partner Fatimah's drawings RM4,200 Anisa's drawings RM1,400 RM14,000 RM7,000 Fatimah's capital contribution Anisa's capital contribution Salary: Fatimah Share on divisible income / (loss): Fatimah Anisa Required: Prepare a profit and loss appropriation account. RM28,000 2/3 1/3 How does the tax treatment apply to the partnership? (16) (4)

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Step 1 Profit and Loss Appropriation Account It is the account which is prepared after profit and lo... View the full answer