Aminah, Beatrice and Chandra are in a business partnership, sharing profits and losses in the ratio...

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Aminah, Beatrice and Chandra are in a business partnership, sharing profits and losses in the ratio of the amount of capital contributed. Their net profit before appropriation was RM168,000 as at 31.12.2014. The capital account as at 31 Dec 2014 is as follows: RM300,000 RM200,000 Aminah Beatrice Chandra RM100,000 Other transactions which have taken place but not yet accounted for are as follows: (1) Partners' salaries: Aminah RM48,000; Beatrice RM50,000; Chandra RM45,000 (2) Interest on drawings: Aminah RM380; Beatrice RM420; Chandra RM270 (3) Interest on capital are 5%. Required: Prepare the partners' Profit/Loss appropriation account for the year ended 31 December 2014. Aminah, Beatrice and Chandra are in a business partnership, sharing profits and losses in the ratio of the amount of capital contributed. Their net profit before appropriation was RM168,000 as at 31.12.2014. The capital account as at 31 Dec 2014 is as follows: RM300,000 RM200,000 Aminah Beatrice Chandra RM100,000 Other transactions which have taken place but not yet accounted for are as follows: (1) Partners' salaries: Aminah RM48,000; Beatrice RM50,000; Chandra RM45,000 (2) Interest on drawings: Aminah RM380; Beatrice RM420; Chandra RM270 (3) Interest on capital are 5%. Required: Prepare the partners' Profit/Loss appropriation account for the year ended 31 December 2014.

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Step 11 Preparation of profit and loss appropriation account P... View the full answer