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.

The terms agreed by partners prior to the commencement of the partnership

business as follows:

At the beginning of the accounting year, the partners' current and capital balances were:

Partner A has advanced RM$50,000$ 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.

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:

Each partner is entitled to receive RM$12,000$ as an annual salary.

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:

a$.$ Current account

b$.$ Capital account

c$.$ Appropriation Statement of Profit or Loss for the year TABLE A: Additional partnership business information

$\backslash$table$[[$No$,$Particular,Group $4],[1,$Accounting year end,$30$ Nov $2022],[2,\backslash$table$[[$Net Profit or Loss $($does$],[$not include$],[$depreciation charges$)]],$RM$330,000],[3,\backslash$table$[[$Additional Capital$],[$contributed by Partner$],[$B via online banking on$],[2$ February $2022.]],$RM$30,000],[4,\backslash$table$[[$Interest on capital$],[($Basis$)]],\backslash$table$[[$Calculated on the$],[$basis of ending$],[$capital$]]],[5,\backslash$table$[[$Drawing made by$],[$Partner C$]],\backslash$table$[[$RM$700$ was$],[$made on the first$],[$week of the third$],[$month of the$],[$accounting$],[$period$.]]],[6,$Salary to partner,$\backslash$table$[[$As at the end of$],[$the accounting$],[$period$,$ salaries$],[$were paid to all$],[$partners$],[$RM$8,000$ each.$]]],[7,\backslash$table$[[$Sharing of profit or$],[$Loss Ratio$]],2$:$1$:$1],[8,\backslash$table$[[$Partner C is guaranteed$],[$with a minimum profit.$]],$RM$90,000]]$help