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answer as soon as possible thank you QUESTION 3 NY and Partners has been established since 2001. The partnership business is currently owned by Naim
answer as soon as possible thank you
QUESTION 3 NY and Partners has been established since 2001. The partnership business is currently owned by Naim and Yusof, with a profit-sharing ratio was 1:2 respectively. The following are the terms of partnership agreement: Naim Yusof Capital contribution RM50,000 RM50,000 5% 5% Interest on capital (per annum) Monthly salary Personal expenses (per annum) RM2,000 RM2,400 RM5,000 RM5,000 On 1 August 2020, Zakuan was admitted as a new partner. His capital contribution was RM45,000 and interest on capital (per annum) is 5%, while his monthly salary is RM2,000. The new profit-sharing ratio was 1:2:1 between Naim, Yusof and Zakuan, while the others remain unchanged. The provisional adjusted income for the year ended 31 December 2020 was RM158,000. The current capital allowance was RM46,000. Additional information: 1. Yusof received rental income of RM8,400 for the year of assessment 2020 and he made personal cash donation of RM21,000 to public school libraries. 2. The partnership donated RM5,000 cash to Rumah Orang Tua Danau (approved institution) on 15 November 2020. Required: a) Compute the divisible income for the year assessment 2020. (10 marks) b) Compute the total income of each partner for the year assessment 2020. (22 marks) (Total: 32 marks)Step by Step Solution
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