SECTION B This section requires students to prepare the current accounts, capital accounts and appropriation statement...

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SECTION B This section requires students to prepare the current accounts, capital accounts and appropriation statement of profit or loss for partnership business. You are given the business's unadjusted account balances together with several related information unique to each group to complete the requirements. 1. The terms agreed by partners prior to the commencement of the partnership business as follows: Item Interest on partner's drawing Interest on partner's capital (Please Refer Table A) Interest on loan from partner 2. At the beginning of the accounting year, the partners' current and capital balances were: Partner's Name Current Account Capital Account (RM) 100,000 50,000 60,000 Partner A Partner B Partner C (RM) 8,000 Rate per annum 5% 8% 6% (5,000) 7,000 a. b. C. 3. Partner A has advanced RM50,000 as a loan to the partnership on 1 January 2022. The interest on loan from the partner is still outstanding. The interest on loan is to be treated as an expense. 4. Depreciation on machinery at 10% will be charged on annual basis using straight line method. The following balances were extracted from the books of partnership as at the end of the accounting period: RM Machinery (cost) Accumulated depreciation on machinery 5. Each partner is entitled to receive RM12,000 as an annual salary. 70,000 21,000 6. The partnership adopts the fixed capital structure in maintaining its partners accounts. Notes: Each group is required to use other related partnership business information unique to each group provided in Table A to complete the requirements. Required: Current account Capital account Appropriation Statement of Profit or Loss for the year SECTION B This section requires students to prepare the current accounts, capital accounts and appropriation statement of profit or loss for partnership business. You are given the business's unadjusted account balances together with several related information unique to each group to complete the requirements. 1. The terms agreed by partners prior to the commencement of the partnership business as follows: Item Interest on partner's drawing Interest on partner's capital (Please Refer Table A) Interest on loan from partner 2. At the beginning of the accounting year, the partners' current and capital balances were: Partner's Name Current Account Capital Account (RM) 100,000 50,000 60,000 Partner A Partner B Partner C (RM) 8,000 Rate per annum 5% 8% 6% (5,000) 7,000 a. b. C. 3. Partner A has advanced RM50,000 as a loan to the partnership on 1 January 2022. The interest on loan from the partner is still outstanding. The interest on loan is to be treated as an expense. 4. Depreciation on machinery at 10% will be charged on annual basis using straight line method. The following balances were extracted from the books of partnership as at the end of the accounting period: RM Machinery (cost) Accumulated depreciation on machinery 5. Each partner is entitled to receive RM12,000 as an annual salary. 70,000 21,000 6. The partnership adopts the fixed capital structure in maintaining its partners accounts. Notes: Each group is required to use other related partnership business information unique to each group provided in Table A to complete the requirements. Required: Current account Capital account Appropriation Statement of Profit or Loss for the year

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Based on the information provided in the image we need to prepare three financial statements for the partnership the Current Account Capital Account a... View the full answer