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please help me i will give good rating (6) Aqeel, Aseem and Adeeb are in partnership, sharing profits and losses in the ratio of 3/5,
please help me i will give good rating
(6) Aqeel, Aseem and Adeeb are in partnership, sharing profits and losses in the ratio of 3/5, 1/5 and 1/5 respectively. Their partnership agreement provides that: (1) Total balances of the capital account as at 1 June 2020 is RM200,000 allocated proportionately according to the ratio of 5:3:2. (2) Current account balances as at 1 June 2020 for Aqeel. Aseem and Adeeb are RM18,000, RM9,500 and RM8,200 respectively. (3) Drawings by the partners during the year were: Aqeel RM40,500; Aseem M30,800; and Adeeb RM15,600. Interest on capital is to be allowed to all partners at 10% per annum (5) Interest is to be charged on all drawings at 5% per annum. (6) (Continued) Salaries to be credited were: Aqeel RM20,000; Aseem RM25,000; and Adeeb RM30,000 (1) The company's net profit before dealing with partners interest and salary for the year ended 31 May 2021 was RM155,500. REQUIRED: (1) Prepare the profit and loss appropriation account for the year ended 31 May 2021 Describe a capital account and current account in a partnership business including the explanation on the meaning of debit and credit balance on the partner's current accountStep by Step Solution
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