EMERGENCY PLEASE ...........................

Q4. (a) Wiwi, Xexe and Yaya have been in partnership business for eleven years. They shared profits in the ratio of 2:4:3. The semi-monthly remunerations of RM600 was paid on 15th and last days of every month for each partner and the return on capital employed was 40% per annum. Their capital employed and net profit for the year ended 30 June 2019 was RM450,000 and RM259,200 respectively. It is decided to admit new partners, Zuzu and the partnership agreed that goodwill is not to be brought into the business records. Zuzu has contributed RM68,000 cash to the business which 15% were apportioned to goodwill account and the balance remained for capital contribution. This final assessment paper consists of 4 questions on 8 printed pages. 8 UBAF1163 FINANCIAL ACCOUNTING FRAMEWORK II 04. (Continued) The new profit-sharing ratio is to be 5:8:4:3. Goodwill was taken as equal to three years' purchase of annual super profit. The partners' capital amount on 1 July 2018 are as follows, RM102,200 for Wiwi, RM125,500 for Xexe and RM82,000 for Yaya. Required: Prepare the Partners' Capital Account (after Zuzu was introduced). Please show all relevant workings. (11 marks)