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Ping and Wan are partners sharing profits and losses in the ratio 3:2. The following information was taken from the ledgers for the year ended
Ping and Wan are partners sharing profits and losses in the ratio 3:2. The following information was taken from the ledgers for the year ended 31 December 2019, before the completion of their profit and loss appropriation accounting RM 640 (Dr) 330 (Cr) Current account as at 1 January 2019 Ping Wan Drawing Ping Wan Net trading profit Interest on capital Ping Wan Salary - Ping Interest on Drawings Ping Wan 3,000 2,000 6,810 540 720 2,000 270 180 Required Prepare for the year ending 31 December 2019. The Profit and Loss appropriation account of Ping and Wan. a. (8 marks) b. The Current Accounts in the ledger for Ping and Wan. (12 marks)
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