ASSIGNMENT The following is the Trail Balance of Mama and Papa Partnership on 31 December 2020. Mama and Papa Unadjusted Trial Balance Debit (RM) Credit (RM) Cash 3,500 Account Receivables 61,400 Inventory 12,000 Land 260,000 Account Payable 25,800 Long-term Note Payables 51,000 Capital: Mama 60,000 Papa 66,000 Drawings: Mama 8,500 Papa 9,400 Sales 550,000 Cost of Goods Sold 220,000 Water & Electricity Expenses 83,000 Administration Expenses 95,000 752,800 752,800 Additional Information: a. Annual salary of RM55,000 is to be paid to Mama and RM60,000 to Papa. b. Interest of 10% on capital is to be paid at the beginning of the year. The capitals of both partners do not change since the beginning of the year. c. The balance of income after the distribution of salaries and interests is to be distributed equally. d. Accrued water & electricity expenses are RM 500. Required: I. Prepare the Statement for Profit or Loss for the year ended 31 December 2020. ii. Prepare the partner's current accounts. Prepare Appropriation Account for the year ended 31 December 2020. iv. Prepare the Statement of Financial Position as at 31 December 2020