Question $2$

Sam, Tana, Loo and Yus are in partnership for years with invested capital of RM$60,000,$

RM$60,000,$ RM$70,000$ and RM$75,000$ respectively. The partners have created an

agreement on the following appropriation scheme:

i$.$ Interest is to be allowed on capital and charged on drawings by the firm at

$8\%$ per annum.

ii$.$ The four partners are entitled to yearly salaries as below:

Sam $-$ RM$8,000$

Tana $-$ RM$7,000$

Loo $-$ RM$9,000$ and

Yus $-$ RM$10,000$

iii. Profit and losses are to be shared as follows:

Sam $-40\%$

Tana $-25\%$

Loo $-20\%$

Yus $-15\%$

During the year, RM$5,000$ as part of each partner's salaries was paid by the firm. For

the financial year ended $31$ December $2023,$ the partnership has earned a net profit of

RM$80,300,$ after deducting an interest on loan from Yus of RM$1,000.$ The interest was

not yet paid.

The following items have to be taken$-$into account in preparing the Profit and Loss

Appropriation Account and Current Account:

Required:

Prepare Profit and Loss Appropriation Account for the year ended $31$ December $2023.$

$(15$ marks$)$