Question 3 Richard, Rajesh and Rahim are partners. The partnership agreement provides: 5% interest on partner's ending capital balances. 6% charge on partner's drawings. . Salary paid to Richard $50,000, Rajesh S40,000 and Rahim $30,000. Profits/ losses are to be shared 2:2:1 by Richard, Rajesh and Rahim. The Partners closing capital balances are: Richard $250,000 Rajesh 200,000 Rahim150,000 Richard withdrew $10,000 (1 January), Rajesh withdrew $5,000 (1 March) and Rahim withdrew $6,000 (1 June). Net profit for the year ending is S300,000. Required: a) Prepare a schedule showing the allocation of profit / loss to each partner for the year ending 30 June 2016. b) Prepare the equity section of the Balance Sheet at 30 June 2016 using method 2, fixed capital accounts