QUESTION 3 Glass Glo Enterprise is a manufacturing firm owned by Siti Fatimah and Maznah. Partners of the partnership share profit and loss at a rate 5:3:2. The capital and take-up account balances as at 30 June 2020 are as follows: Partner name Initial balance modal Current take (RM) (RM) Siti 480,000 57.000 Fatimah 300,000 66,000 Maznah 240,000 50,250 The following are the balances of revenue and expense accounts for Glass Glo Enterprise's manufacturing business for the year ended 30 June 2020: Account Indirect Labour Insurance Expenses Utility expenses Sales Salary expenses Depreciation expenses Outbound transport expenses Purchase of raw materials Direct labour Factory repair expenses Sales and administration expenses Interest expenses Balance (RM) 257,400 226,980 339,300 10,350,000 2,050,000 309,420 61,200 2,745,000 3,160,800 226,800 454,500 26,250 The inventory related information for the business is as follows: Inventory Raw Materials Work In Progress Ready-made Goods Initial Balance (1 July 2019) Final Balance (30 June 2020) RM RM 300,600 410,400 331,200 453,600 517,500 675,000 Add-on Information: 1. 2. use. RM150,480 of thetotal s insurance expenses are for factories, while the rest is for office use. RM181,800 of the amount of utility expenses is for factories, while the rest for office RM169,920 of the total depreciation expenses represent factory depreciation expenses, while the rest is depreciation expenses of buildings and office equipment. Under the partnership agreement, each partner is entitled to interest on capital of 8% per annum on the balance of their initial capital. No interest on take-up is charged. 3. 4. 5. Fatimah and Maznah are allocated a salary of RM11,250 per month and are payable from the sharingprofit. This amount is included in the salary expenses as listed above. Required: 1. 2. 3. Prepare a Schedule of Manufactured Goods Costs for Glass Glo Enterprise businesses for the year ended 30 June 2020. Prepare Income Statement for Glass Glo Enterprise for the year ended 30 June 2020. Prepare Profit and Loss Compensation Schedule for GlassGlo Enterprise partnership for the year ended June 30, 2020. Set up a partner capital account for Glass Glo Enterprise as of June 30, 2020 (assuming business uses variable capital accounts) 4