CONFIDENTIAL 6 AC/JUN 2019/ACC406 QUESTION 4 Ali and Aifa started a partnership business, sharing profit and losses in the proportion 2:1. Their partnership agreement are as follows: i. Interest on Capital is to be allowed to all partners at 15% per annum. ii. Salaries to both partners is RM6,000 each per month. iii. Interest on drawings carries 5% per annum. The Capital and Current Account for the partners as at 1 January 2018 are as follows: Capital Account (RM) Current Account (RM) Ali Aifa 30,000 40,000 5,000 4,000 During the year ended 31 December 2018, the net profit of the firm was RM214,500. Ali withdrawn RM10,000 on 1 July 2018 and Aifa withdrawn RM5,000 on 31 October 2018 respectively. Aifa also gave loan of RM12,000 to the firm on 1 April 2018. The partners' are entitled to 8% interest per annum on any loan provided to the partnership. Required: a. Statement of Profit or Loss and Appropriation Account for the year ended 31 December 2018. (8 marks) b. Capital and Current accounts for all partners as at 31 December 2018. (5 marks) C. State two (2) functions of Profit or Loss Appropriation accounts. (2 marks) Notes: 1. Calculate to the nearest RM. END OF QUESTION PAPER (Total: 15 marks)