Ammir, Ammar and Ammira have been in partnership business of 3A for several years. They share...

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Ammir, Ammar and Ammira have been in partnership business of 3A for several years. They share profits and losses in the ration 2:2:1. Below is the balance extracted from the books of 3A as at 31 December 2016. Debit RM Credit RM Particulars Capital account: Ammir 40,000 Ammar 40,000 Ammira 20,000 Current Account: Ammir 8,000 Ammar 5,000 Ammira 20,000 Fixtures and Fittings 100,000 Motor Vehicle 90,000 Accumulated depreciation of: Fixtures and Fittings 40,000 Motor Vehicles 32,400 Fixed deposit Trade receivables and payables 35,000 30,100 Partners' drawings Net profit before appropriation 27,350 60,000 8,850 317,350 317,350 Additional information: (i) Depreciation for the year have to be provided as follows: • Fixtures and fittings - 20% on cost • Motor vehicles - 12.5 % on cost (ii) On May 2016, Ammar brought in cash RM10,000 additional capital. into the partnerships as an (iii) Interest allowed on partner's capital is 9% per annum, while partners would be charged 12% per annum on their respective drawings. (iv) The RM60,000 drawings by partners are as follows: Partners Date of drawings RM Ammir Ammar Ammira 10 October 2016 20,000| 12 July 2016 1 May 2016 30,000 10,000 (v) Ammir, Ammar, Ammira entitled for a salary of RM900, RM850 and RM600 per month respectively. You are required to: Prepare the following: i. Statement of Appropriation for the year ended 31 December 2016. ii. Partners' current account in columnar form as at 31 December 2016. Ammir, Ammar and Ammira have been in partnership business of 3A for several years. They share profits and losses in the ration 2:2:1. Below is the balance extracted from the books of 3A as at 31 December 2016. Debit RM Credit RM Particulars Capital account: Ammir 40,000 Ammar 40,000 Ammira 20,000 Current Account: Ammir 8,000 Ammar 5,000 Ammira 20,000 Fixtures and Fittings 100,000 Motor Vehicle 90,000 Accumulated depreciation of: Fixtures and Fittings 40,000 Motor Vehicles 32,400 Fixed deposit Trade receivables and payables 35,000 30,100 Partners' drawings Net profit before appropriation 27,350 60,000 8,850 317,350 317,350 Additional information: (i) Depreciation for the year have to be provided as follows: • Fixtures and fittings - 20% on cost • Motor vehicles - 12.5 % on cost (ii) On May 2016, Ammar brought in cash RM10,000 additional capital. into the partnerships as an (iii) Interest allowed on partner's capital is 9% per annum, while partners would be charged 12% per annum on their respective drawings. (iv) The RM60,000 drawings by partners are as follows: Partners Date of drawings RM Ammir Ammar Ammira 10 October 2016 20,000| 12 July 2016 1 May 2016 30,000 10,000 (v) Ammir, Ammar, Ammira entitled for a salary of RM900, RM850 and RM600 per month respectively. You are required to: Prepare the following: i. Statement of Appropriation for the year ended 31 December 2016. ii. Partners' current account in columnar form as at 31 December 2016.

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All Figures are in RM Income Statement Expenses Revenue Net Proit before appropriation Interest On D... View the full answer