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D Bersatu Enterprise is a partnership business owned by Siti and Syazmin. Each of them contributed the capital of RM80,000 and RM60,000 each. The terms
D Bersatu Enterprise is a partnership business owned by Siti and Syazmin. Each of them contributed the capital of RM80,000 and RM60,000 each. The terms of their agreement are as follows: Siti Syazmin Interest on capital (per annum) 5% 5% Salary (per month) RM8,000 RM5,000 Travelling allowance (per annum) RM13,000 RM10,000 Entertainment allowance (per annum) RM7,500 RM6,000 Profit and loss sharing ratio is as per partner' capital contribution. On 1 November 2016. Solihin joined the partnership and contributed RM50,000 as capital. The terms of partnership on profit sharing ratio and interest on capital remain unchanged. Solihin also received travelling allowance amounted to RM6,000 per annum and entertainment allowance of RM5,000 per annum. Additional information: 1. The provisional adjusted income for the year ended 31 December 2016 was RM253,600. 2. The partnership made a cash donation of RM3,000 to Persatuan OKU Malaysia (Approved Instituution) in October 2016. 3. The amount of capital allowance and balancing charges available to the partnership for the year of assessment 2016 were RM10,800 and RM6,700 respectively. 4. Syazmin received rental income of RM15,700 in the year of assessment 2016. Required: i. Compute the total income for Siti, Syazmin and Solihin for the year of assessment 2016
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