Question 2 PRAISE Partnership is established by Pipa and Pipo in April 2017. Total capital contribution is RM125,000 in which Pipa contributes RM75,000 and Pipo contributes the remaining balance. The interest on capital allocated for each partner is 6% per annum. The partners agreed to share the profit and losses equally. Pipa's salary per month is RM5,300 and Pipo's salary per month is RM4,200. Pipo withdraw her partnership on 31st August 2020 and replaced by Pipu with capital contribution RM46,000. Pipu will receive 40% of the sharing profit and losses. The partnership's trading, profit and loss account for the year ended 31.12.2020 was as follows: Additional information: a) Included in the sales proceeds is shop lot rental income RM14,400 and gain from asset disposal RM17,250. b) Items incurred in the business expenses: - Renovation with new modern concept at the office lobby RM10,800; - Depreciation for fixed assets RM54,000; - Paid RM1,700 for Pipa's monthly car installment which the car is for personal used; - Partners' salary RM114,800 and partners' interest on capital. c) Qualifying expenditure for plant and machinery at the end of the year is RM76,000. Required