Required:

(a) Prepare the following:

(i) Appropriation Statement for the year ended 30 April 2021. (13 marks)

(ii) Each Partners Current Account (7 marks)

(b) A friend approached you to help him to draft a partnership agreement. List and explain FIVE (5) points that should be included in the draft. (5 marks)

Q2 . . Johan and Jihan are in partnership sharing profit in the ratio of 1:2 and loss in the ratio 3:2. Interest is charged on partners' drawing at the rate of 5% per annum and also credited on partners' capital account balance with an interest of 8% per annum. Johan is the firm's sales manager and for his specialized services, he is to receive a salary of RM 12,000 per annum. The last two months' salaries were still accrued. During the year ended 30 April 2021 the net profit of the firm was RM13,000 and the partner's drawings were: Johan Jihan RM 6,600 4,400 On 31 October 2020, the firm agreed Jihan to add RM3,000 in his capital account as an additional capital. The balance on the partners' accounts at 1 May 2020 were as follow: Capital Account (RM) 44,000 38,500 Johan Jihan Current Account (RM) 4,200 5,600