Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation Interest on capital Drawings Interest on drawings Salary to partners Loan to partnership Interest on Loan Profit/Loss appropriation 4. Prepare Profit and Loss Appropriation account Capital Accounts(for partners) Current Accounts(for partners) Equity Section in Statement of Financial Position as at 31 Dec 2019 10m 3m 8m 4m Instructions: You are required to set up a partnership where involve at least THREE (3) partners. The details should include: 1. Name and background of the business (location, product, partnership agreement: profit/loss sharing, interest on capital, interest on drawings, salary, loan and etc) 10m 2. Accounting period is for the year ended 31 December 2019 3. Assume that the business net income for the first year of operation is RM100,000 4. Journalize the transactions for the first month of operation Interest on capital Drawings Interest on drawings Salary to partners Loan to partnership Interest on Loan Profit/Loss appropriation 4. Prepare Profit and Loss Appropriation account Capital Accounts(for partners) Current Accounts(for partners) Equity Section in Statement of Financial Position as at 31 Dec 2019 10m 3m 8m 4m