QUESTION 2 After their graduation, Amza and Afza formed a partnership of A & A Deli_Licious selling cupcakes and other pastry-based products. They have a partnership agreement as follows: 1. The profit and loss ratio will be based on their capital contribution. 2. 3. 4. 5. 6. Each partner will be entitled to earn a salary of RM2,500 per month. The salary of the partners will be treated as part of the operating expenses. At the end of the year, all the salary to the partners have been paid except for RM5,000 to Afza. The rate for the interest on capital will be 5%. Any loan to or from partners will be charged at the rate of 6% per annum. The interest on loan from partners will be treated as an operating expense of the partnership. The loan from Afza was taken on 1 July 2021. Any drawing of partners will be charged a rate of 6% per annum: The partnership financial year closes on 31 December; and it adopted the fixed capital structure. The following balances were extracted from the records of A & A Deli_Licious as at 31 December 2021. RM Capital Account - Amza Capital Account - Afza 40,000 60,000 Current Account - Amza 12,500 Current Account - Afza 3,300 Loan from Afza 20,000 Gross Profit 105,600 Operating Expenses (including partners' salary) 82,650 Partners Amza Amza Afza Date of withdrawal 1/3/2021 Amount 2,000 1/10/2021 4,000 1/7/2021 5,000