FOUNDATION OF FINANCIAL ACCOUNTING QUESTION 3 (15 MARKS: 27 MINUTES) On January 2018, Suraya and Camelia formed a partnership business of a 24-hours laundry centre called Clean and Neat. Suraya contributed RM15,000 cash, machine worth RM40,000 and note payable of RM30,000 to the partnership whilst Camelia contributed a building of RM78,000. For financial year ended 31 December 2018, the partnership had a net income of RM125,000. Their business information for the year ended 31 December 2018 is as follows: Partner's drawings: Suraya Camelia RM 4,200 1,800 Annual Salaries: Suraya Camelia 27,600 33,600 Additional information: 1. Interest is charged on capital and drawings at 8% and 5% per annum respectively. 2. Suraya and Camelia agreed to share profit and losses based on the ratio of 2:4. REQUIRED: (a) Prepare the journal entry to record the initial investment of both partners in the partnership. (3 Marks) (a) Prepare the Profit and Loss Appropriation Account of Clean and Neat for the year ended 31 December 2018. (7 Marks) b) Discuss any TWO (2) advantages and TWO (2) disadvantages characteristics of a corporation