Lee and Roslan formed a partnership on 1 January 2022. The following information is available. On...

 

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Lee and Roslan formed a partnership on 1 January 2022. The following information is available. On 1 January 2022 Lee contributed RM90 000 capital and Roslan contributed RM60 000. On 1 July 2022 Lee contributed a further RM100,000 capital. Interest on capital is allowed at the rate of 3% per annum. Roslan was to be entitled to an annual salary of RM30,000 per annum for the first four months of the first financial year. After that date the salary was to increase to RM36,000 per annum. During the year ended 31 December 2022 Lee's drawings amounted to RM9,800 and Roslan's drawings amounted to RM20,800. Interest on drawings for the year ended 31 December 2022 amounted to RM490 for Lee and RM1040 for Roslan. Profits and losses are shared 2/3 to Lee and 1/3 to Roslan. The profit for the year ended 31 December 2022 was RM57,920. REQUIRED (a) Prepare the profit and loss appropriation account for the year ended 31 December 2022. (b) Prepare current accounts of Lee and Roslan. The following trial balance is extracted from the books of Sky Ltd as at 31 December 2022. Trial balance as at 31 December 2009 10% preference share capital Ordinary share capital 10% debentures Building at cost Equipment at cost Motor vehicle at cost Provision for depreciation-equipment Provision for depreciation-Motor Stock at 1 January 2009 Sales Purchase Salaries and wages Directors remuneration Motor Expenses Rates and Insurance Debenture interest Debtors & creditors Bank General reserve Share premium account Interim ordinary dividend paid Profit and loss account 31 December 2008 DR RM 300000 60000 58000 23000 153910 19240 5000 8000 3000 1500 18000 9000 4000 662650 The following adjustments are needed: 1) Stock as at 31 December 2022 was RM34000 2) Depreciate motors 10% on cost; equipment 5% on cost 3) Accrued debenture interest RM2500 CR RM 60000 100000 40000 4200 10160 398200 14090 5000 14000 17000 662650 4) Provide preference dividend RM6000 and final ordinary dividend of 10% 5) Transfer RM6000 to general reserve 6) Authorized share capital is RM100000 in preference shares and RM150000 in ordinary shares. (Par value of ordinary shares and preference shares is RM1) 7) Provide corporate tax of RM8000 Required: Prepare the Trading, Profit and Loss account, Appropriation account and Balance Sheet. Lee and Roslan formed a partnership on 1 January 2022. The following information is available. On 1 January 2022 Lee contributed RM90 000 capital and Roslan contributed RM60 000. On 1 July 2022 Lee contributed a further RM100,000 capital. Interest on capital is allowed at the rate of 3% per annum. Roslan was to be entitled to an annual salary of RM30,000 per annum for the first four months of the first financial year. After that date the salary was to increase to RM36,000 per annum. During the year ended 31 December 2022 Lee's drawings amounted to RM9,800 and Roslan's drawings amounted to RM20,800. Interest on drawings for the year ended 31 December 2022 amounted to RM490 for Lee and RM1040 for Roslan. Profits and losses are shared 2/3 to Lee and 1/3 to Roslan. The profit for the year ended 31 December 2022 was RM57,920. REQUIRED (a) Prepare the profit and loss appropriation account for the year ended 31 December 2022. (b) Prepare current accounts of Lee and Roslan. The following trial balance is extracted from the books of Sky Ltd as at 31 December 2022. Trial balance as at 31 December 2009 10% preference share capital Ordinary share capital 10% debentures Building at cost Equipment at cost Motor vehicle at cost Provision for depreciation-equipment Provision for depreciation-Motor Stock at 1 January 2009 Sales Purchase Salaries and wages Directors remuneration Motor Expenses Rates and Insurance Debenture interest Debtors & creditors Bank General reserve Share premium account Interim ordinary dividend paid Profit and loss account 31 December 2008 DR RM 300000 60000 58000 23000 153910 19240 5000 8000 3000 1500 18000 9000 4000 662650 The following adjustments are needed: 1) Stock as at 31 December 2022 was RM34000 2) Depreciate motors 10% on cost; equipment 5% on cost 3) Accrued debenture interest RM2500 CR RM 60000 100000 40000 4200 10160 398200 14090 5000 14000 17000 662650 4) Provide preference dividend RM6000 and final ordinary dividend of 10% 5) Transfer RM6000 to general reserve 6) Authorized share capital is RM100000 in preference shares and RM150000 in ordinary shares. (Par value of ordinary shares and preference shares is RM1) 7) Provide corporate tax of RM8000 Required: Prepare the Trading, Profit and Loss account, Appropriation account and Balance Sheet.