Question: Question 3 Describe the five (5) basic components of financial statements. Question 4 Tooh, Meng and Chen are partners sharing profits and losses equally, The

Question 3 Describe the five (5) basic components of financial statements. Question 4 Tooh, Meng and Chen are partners sharing profits and losses equally, The business performs has the following Statement of Financial Position as at 31 December 2021. Accumulated Non-current assets Coat deprechtion (RM) Net book (RM) YOU (RMI Furniture and fittings 203.000 (35,000) 168,000 Motor vehicles 238,000 (79.450) 158.550 Office equipment 73.500 (31.500) 42.000 614.600 (146.060) 308.650 Current assets Cash and bank 127.050 Debtors 168,000 Other receivables 134.400 429.450 Current liabilities Accrued expenses 25.900 Creditors 121.100 (147.000) Working capital 282.450 Net assets 851 000 Financed by: Capital -Tech 210,000 -Meng 178.500 -Chen 262.500 Total capital 651.000 Tech retired at 31 December 2021. The followings were the additional information: Furniture and fittings RM189.000 Motor vehicle RM168,000 Office equipment RM53.550 Goodwill was determined at RM84,000

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