Question 1 Matakhir and Jamak are in partnership sharing profits and losses in the ratio of 3:1. Jamak receives a salary of RM30,000 per annum. They both earn interest on capital at 12% per annum, based on their capital balances at the beginning of the year. Both the salary and interest occur evenly throughout the year. The following is the Statement of Financial Position of the partnership as at 31st December 2020: Jamak & Matakhir's Statement of Financial Position as at 31 December 2020 Non-Current Assets RM RM Property, Plant & Equipment 400,000 Total Non-Current Assets 400,000 Current Assets Trade Receivables 30,000 Cash & Cash Equivalents 100,000 Total Current Assets 130,000 Total Assets 530,000 Equity & Liabilities Capital Accounts Matakhir 300,000 Jamak 150,000 450,000 Current Accounts Matakhir 60,000 Jamak 20,000 80,000 Total Equity & Liabilities 530,000 On the 30th April 2021, Matakhir decides to retire and agrees to leave the entire amount owing to him as a loan to the partnership bearing interest at 6% per annum which accrues evenly over the year. Jamak and Matakhir agree that the goodwill of the business at that date amounts to RM150,000 and that it should not be recognized in the financial statements. Johan joins Jamak in a new partnership on the 30th April 2021 and introduces capital of RM100,000. They agree the following 1. This new partnership is to share profits from 30 April 2021 in the ratio Jamak 3: Johan 2. 2. Jamak's salary stays the same and Johan's salary is RM24,000 per annum. 3. Jamak and Johan took drawings of RM12,000 each on the 30th September 2021. 4. They pay interest on drawings of 10% per annum 5. The new partnership decided to leave the interest on capital at 12% per annum and have agreed that Johan can earn interest on his capital from the date of the new partnership 6. The profits which occurred evenly throughout the year and before any adjustments, amounted to RM150.000 Required: For the year ended 31 December 2021: (a) Prepare the partnership's appropriation account. (9.5 Marks) (6) Prepare the partner's current accounts, capital accounts and loan account (15.5 Marks) [Total: 25 Marks)