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Galvin and his wife, Geraldine are partners of GG & Associates, a chartered accountant firm in Kuala Lumpur. The partnership agreement provides Galvin to
Galvin and his wife, Geraldine are partners of GG & Associates, a chartered accountant firm in Kuala Lumpur. The partnership agreement provides Galvin to be paid a salary of RM120,000 per annum and interest on capital of RM1,200 per annum; and for Geraldine to be paid a salary of RM60,000 per annum and interest on capital of RM600 per annum. For the period 1 January 2019 to 30 June 2019 their profit/loss sharing ratios was 60% to Galvin and 40% to Geraldine and equally from July 2019. The amount for salary and interest on capital remained the same throughout. The partnership closes its annual accounts on 31 December. The profit and loss account of the partnership for the year ended 31 Dec 2019 is as follows: Notes RM RM RM Gross Profit I 777,800 Less: Operating Business Expenses 2 Partners' Salaries Galvin Geraldine 228,000 120,000 60.000 180,000 Interest on Capital Galvin 1,200 Geraldine 600 1,800 (409,800 Net profit per accounts 368,000 $800ML HID 807940661
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