QUESTION 4 Jiha and Fika are partners of an accounting firm sharing profits and losses equally. The agreement between them provides that: i. Each of them are entitled to a monthly salary of RM1,500. ii. They will be charged for interest on drawings of 10% per annum. iii. They are entitled to interest on opening capital at 15% per annum. On 1 January 2013, their Capital Account and Current Accounts had the following balances: Capital Account Current Account Jiha Fika RM25,000 RM15,000 RM1,500 RM500 (Debit) During year 2013, the following transactions took place: 1. Fika introduced additional capital amounting to RM20,000 on 30 June 2013. In return she will be guaranteed a minimum profit of RM9,500 per annum. 2. Drawings made by the partners were as follows: 1 May 2013 (RM) 1,500 1 September 2013 (RM) 3,000 1,500 3. Jiha Fika Net profit for the year 2013 before the above adjustments amounted to RM60,000 and is deemed to have been earned evenly throughout the year. Required: a. Prepare an Appropriation account for the year ended 31 December 2013 (in columnar form) (8 marks) b. Prepare Partners' Capital and Current accounts (in columnar form) (5 marks) C. Name two (2) types of partners in a partnership business. (2 marks) (Total: 15 marks)