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JimMie Beauty Enterprise is a beauty shop located in Kota Samarahan with a paidup capital of RM1.2 million. The following information is related to the
JimMie Beauty Enterprise is a beauty shop located in Kota Samarahan with a paidup capital of RM1.2 million. The following information is related to the partners. Additional information: i. The net profit for the year ended 30 September 2021 was RM74,000 ii. Interest on drawing as at 5% per annum iii. Interest on capital is at 5% per annum iv. The profit-sharing ratio between Jimmy and Mimie is 2:3 Required: Prepare the appropriation account, current account and capital accounts of the partners. (14 Marks)
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