John and Billy started sharing business on July 1, 2019. The capital contributed is RM9,600 and RM7,200 respectively. They have agreed to divide their profits and losses according to their capital contribution ratio. Each year the salary is paid to John is RM800. Interest on capital is 10% and interest on withdrawals is 5%. The account balances in the Trial Balance as at 30 June 2020 are as follows:

Additional information: 1. Stock as at 30 June 2020 RM 4,052 2. Debt to advertising agent RM20 3. Insurance is a payment for half a year starting September 1, 2019 4. The provision for bad debts should be adjusted to RM75 5. The vehicle was purchased on 1 January 2019 on credit from Mr Tony. The vehicle depreciation rate is 10% on the cost of assets per annum. 6. Fittings and furniture are expected to have an age of 6 years, the value of scrap in the sixth year is RM200 7. Unpaid utility is RM65

You are required to provide: a. Trading and Profit and Loss Account for the year ended 30 June 2020 for partnership of John and Billy b. Profit and Loss Separation Account for the year ended 30 June 2020

Debit Credit 9600 7200 2800 3600 3500 50940 64040 4356 1100 3500 Modal Account John Billy Take John Billy Vehicle Purchase Sale Account receivable Account payable Account payable - not trade Mr Tony Premises Furniture and fittings Bank Rent Insurance Advertisement Inbound transport Outbound transport Cash discount Bad debt Utilities Incoming return General expense 10000 1724 764 4848 1560 148 208 105 184 152 688 50 30 85657 217 85657