QUESTION 4 On 1 January 2014, Mawar, Melly and Meena set up a partnership business, selling printed shawls to customers in the Klang Valley. The partnership agreement contained the following provisions: 1. On 1 January 2014, Mawar and Melly contributed RM40,000 and RM20,000 cash respectively. Meanwhile, Meena brought into the business her used motor vehicle valued at RM70,000. As an active partner, Meena is responsible for managing the daily operations of the business. In return she will receive RM2,000 per month of salary, commencing on 1 March 2014. 2. 3. On 31 July 2014, Melly gave an advance of RM30,000 cash into the business. 4. They agreed to share profits and losses in accordance with Section 26 of the Partnership Act 1961. Accrued loan interest on Melly's advance is also per Section 26 of the Partnership Act. 5. Partners are entitled to receive interest on capital contributed of 10% per annum 6. Partners will be charged interest of 5% per annum on drawings made During the year ended 31 December 2014, the gross profit of the business totalled (based on the closing capital balance). RM110,001 and its total operating expenses amounted to RM44,800 Mawar withdrew RM2,000 and RM6,000 on 1 July 2014 and 30 September 2014 respectively. Meena withdrew RM3,200 on 1 April 2014. Required: a. Appropriation Account for the year ended 31 December 2014. b. Partner's current account (in columnar form) c. Partner's Capital Account (in columnar form) d. Goodwill is the capability of a business to earn profit in the future. State TWO (2) (5 marks) 4 marks) (4 marks) factors that may give rise to goodwill (2 marks) Total: 15 marks)