iii- iv- Kim and Miko have formed the KM Partnership, and have capital balances of RM260,000...

 

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iii- iv- Kim and Miko have formed the KM Partnership, and have capital balances of RM260,000 and RM200,000, respectively, on 1 January, 2020. On 1 June, 2020, Miko invested an additional RM60,000. Also during the year, Kim withdrew RM120,000 and Miko withdrew RM96,000. Sales for the year amounted to RM720,000 and expenses were RM480,000. Kim and Miko share income and losses on a 3:1 basis. Required: a) Prepare the closing entries at 31 December, 2020, for the KM Partnership. (5 marks) b) Prepare a partners' capital statement for 2020 for KM Partnership. (2.5 marks) Non-profit organisations are organizations which work with a motive to provide service to its members as well as to the general public. Required: Illustrate why non-profit organisations need to keep proper accounting books. (2 marks) (Total: 25 marks) iii- iv- Kim and Miko have formed the KM Partnership, and have capital balances of RM260,000 and RM200,000, respectively, on 1 January, 2020. On 1 June, 2020, Miko invested an additional RM60,000. Also during the year, Kim withdrew RM120,000 and Miko withdrew RM96,000. Sales for the year amounted to RM720,000 and expenses were RM480,000. Kim and Miko share income and losses on a 3:1 basis. Required: a) Prepare the closing entries at 31 December, 2020, for the KM Partnership. (5 marks) b) Prepare a partners' capital statement for 2020 for KM Partnership. (2.5 marks) Non-profit organisations are organizations which work with a motive to provide service to its members as well as to the general public. Required: Illustrate why non-profit organisations need to keep proper accounting books. (2 marks) (Total: 25 marks)

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Quiz iii a Partnerships capital balances 1 January 2020 Kim Miko Total RM260000 RM200000 RM460000 Ad... View the full answer