8 The EMAS Partnership account balance shows the following position as at 31 October 2020: RM RM Modal account Eizlan Mirzan Aizan Siran Current account Eizlan Mirzan 60,000 50,000 40,000 40,000 5,500 3,500 Aizan 4,000 Siran 3,250 Freehold property 85,000 Inventories 35,000 Plant and equipment 142,000 Accounts Payable 70,000 Account not yet received 76,500 Loans 50,000 Cash 62,750 Profits have not been distributed 82,000 404,750 404,750 Additional information: 1) The EMAS partnership is jointly owned by Eizlan, Mirzan, Aizan and Siran. Each partner has contributed a capital of RM40,000 each to start a business. 2) Eizlan and Mirzan have been actively involved in business management since its inception while Aizan and Siran only contribute capital. 3) On January 1, 2020, Eizlan and Mirzan brought in cash as an additional capital contribution into the business. On the same date, Aizan also provided a loan of RM50,000 to the partnership. The loan is expected to be repaid after a period of five years. Interest on loans for the current period has not been taken into account. 4) The partnership agreement has stipulated the following: each active partner is entitled to a salary of RM2,000 per month interest on capital is at the rate of 8% per annum loans from partners are at a rate of 6% per annum the profit and loss sharing rate between Eizlan: Mirzan: Aizan: Siran is 5:4: 3:3 Be required: a) Explain why Mirzan's current account has a debit balance. b) Determine the additional capital contributed by Eizlan and Mirzan. c) Prepare i. Profit and Loss Separation Account for the year ended 31 October 2020 ii. Partner's Current Account as at 31 October 2020 iii. Partner Capital Account as at 31 October 2020 iv. Statement of Financial Position as at 31 October 2020