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farthership Quertian 26 Leong & Lum - Partnership 18 mins Leong and Lum are partners. Their business accounts show a net loss of RM82,000 for
farthership Quertian 26 Leong & Lum - Partnership 18 mins Leong and Lum are partners. Their business accounts show a net loss of RM82,000 for the year ended 31 December 2011 Business expenses include: RM Depreciation 9,900 Entertainment of suppliers 4,800 Donations 3.000 of which RM800 was donated to approved charities The partnership agreement provides for an annual salary of RM28,000 to Leong, and of RM24,000 to Lum, and interest on capital of RM900 to Leong. The profit-sharing ratio is 70% to Leong and 30% to Lum. Capital allowances for the year of assessment 2011 amount to RM2,000. Leong has rental income (adjusted) of RM25,600 for the year ending 31 December 2011. Lum received single-tier dividends of RM1.800 in July 2011 Required (a) Compute the adjusted Income/loss and divisible income/loss of the partnership for the year ended 31 December 2011 (b) Compute the total income of Leong and Lum for the year of assessment 2011, showing the allocation of capital allowances and donations from the partnership, 10 mins
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