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Draw up a Profit and Loss Appropriation Account for Abby, Bibby, and Ciccy for the year ending 30 June 2020, and a Statement of Financial
Draw up a Profit and Loss Appropriation Account for Abby, Bibby, and Ciccy for the year ending 30 June 2020, and a Statement of Financial Position extract as at that date, from the following: i Net Profit RM 200,000. ii. Interest to be charged on capitals: Abby RM 3,600; Bibby RM 2,700; and Ciccy RM 2,100. in. Interest to be charged on drawings: Abby RM 1,000; Bibby RM 800; and Cicey RM 610. iv. Salaries to be credited: Abby RM 25,000 and Cicey RM 30,000. v. Profits to be shared: Abby 50 per cent: Bibby 30 per cent; and Ciccy 20 per cent. vi. Current accounts: Abby RM 18.000; Bibby RM 8,000; and Ciccy RM 6,000. vii. Capital accounts: Abby RM 60,000: Bibby RM 45,000; and Ciccy RM 35,000. viii. Drawings: Abby RM 26,000; Karl RM 20,000; and Leon RM 18,000
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