QUESTION 1 RANDZ Partnership is in phone accessories business. Below is their business information taken from the book of accounts for the ended 31 December 2017: RM Beginning capital: Razak 20,000 Zukuwan 40,000 Current account: Razak 5,000 Zukuwan 0 Partner's drawings: Razak 5,000 Zukuwan 2,800 Annual Salaries: Razak 0 Zukuwan 2,000 Additional information: The net profit for the year ended 31 December 2017 was RM28,000. it. The interest on capital and interest on drawings was at 5% and 4% per annum respectively. There was RM5,000 salaries payable to Zukuwan iv . The partners agreed to share profits and losses based on capital ratio.Nawab & Ahmad Co. are in toys business. Their individual investments in the business on 1 January 2016 were: Nawab RM80,000; Ahmad RM40,000. Interest should be allowed on capital at 7 percent per annum. For the year ended 31 December 2016, the net profit was RM50,000, and the partner's drawings were: Nawab RM8,000; Ahmad RM9,000. They have agreed to share profits and losses equally. The partners entitled for annual salaries of: Nawab RM10,000; Ahmad RM14,000. REQUIRED: Prepare the profit and loss appropriation account and the partner's current accounts for the year ended 31 December 2016