Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show me clear your handwritting Salah&Betul Co. is a local delivery partnership founded on 1 January 2019. Ahmad Salah &DilmuratBetul eachcontributed RM40,000and RM20,000 respectively

please show me clear your handwritting

Salah&Betul Co. is a local delivery partnership founded on 1 January 2019. Ahmad Salah &DilmuratBetul eachcontributed RM40,000and RM20,000 respectively to start the business. Both partners have agreed for 10% percent per annum interest on their capital investment. In the first years operation, the partnership managed to record a net profit of RM25,000. The partnership has also endorsed an equal distributionfor profit/losssharing.During the year, they have both withdrawn RM5,000 each. In addition, Salah was entitled for an annual salary of RM5,000 while Betuls was RM7,000.

REQUIRED:

Prepare the profit and loss appropriation account and the partners current accounts for the year ended 31 December 2019.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions