QUESTION 3 Since the year 2009, Aizat, Maari and Tong are partners of a frozen food business, AMT Frozen Food Food. For the year ended 31 December 2012, the partnership has a net profit of RM 120.000 atter charging the following RM RM Partner's salaries 64.000 Interest on capital 6.400 Private expenses Aura 4.000 Maari 5.200 Tong 3.200 (12.400) 10.000 General provision for doubtful debts Depreciation 31,000 Aizat contributed RM40,000 to the business while Maari and Tong cach contributed RM30,000 as capital Interest is payable at 6% per annum on capital contribution. Each partner is entitled to draw salary equal to ten times the total amount of interest they received in a year. The profit and sharing ratio is 3:2:2 On 2 September 2012, Maari and Tong agreed to increase their capital contributions to RM40,000 cach but other terms of the partnership agreement remained the same Additional information: - The capital allowance and balancing charge on morrent assets were RM150,000 and RM2,400 respectively Aizat ouma mini market, which suffered austed lows of RM9.200 in 2012. The capital allowance for the business was RM5,600 - On 16 March 2012, Maari and Tong donated prods in the form of clothes and food worth RM2,500 and RM2,200 respectively to flood victims in Kelantan Required: Compute the Total income for Aurat. Maari and Tong for year of assessment 2012 Show the Provisional Adjusted Income and Divisible income for the partnership for year of assessment 2012 QUESTION 3 Since the year 2009, Aizat, Maari and Tong are partners of a frozen food business, AMT Frozen Food Food. For the year ended 31 December 2012, the partnership has a net profit of RM 120.000 atter charging the following RM RM Partner's salaries 64.000 Interest on capital 6.400 Private expenses Aura 4.000 Maari 5.200 Tong 3.200 (12.400) 10.000 General provision for doubtful debts Depreciation 31,000 Aizat contributed RM40,000 to the business while Maari and Tong cach contributed RM30,000 as capital Interest is payable at 6% per annum on capital contribution. Each partner is entitled to draw salary equal to ten times the total amount of interest they received in a year. The profit and sharing ratio is 3:2:2 On 2 September 2012, Maari and Tong agreed to increase their capital contributions to RM40,000 cach but other terms of the partnership agreement remained the same Additional information: - The capital allowance and balancing charge on morrent assets were RM150,000 and RM2,400 respectively Aizat ouma mini market, which suffered austed lows of RM9.200 in 2012. The capital allowance for the business was RM5,600 - On 16 March 2012, Maari and Tong donated prods in the form of clothes and food worth RM2,500 and RM2,200 respectively to flood victims in Kelantan Required: Compute the Total income for Aurat. Maari and Tong for year of assessment 2012 Show the Provisional Adjusted Income and Divisible income for the partnership for year of assessment 2012
