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Sam, Tana, Loo and Yus are in partnership for years with invested capital of RM60,000, RM60,000, RM70,000 and RM75,000 respectively. The partners have created an

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Sam, Tana, Loo and Yus are in partnership for years with invested capital of RM60,000, RM60,000, RM70,000 and RM75,000 respectively. The partners have created an agreement on the following appropriation scheme: Interest is to be allowed on capital and charged on drawings by the firm at 8% per annum. ii. The four partners are entitled to yearly salaries as below: Sam - RM8,000 . Tana - RM7,000+ Loo -RM9,000and * Yus RM10,000 i, Profit and losses are to be shared as follows: Sam -40% Tana -25% Lloo -20% *+ Yus -15% During the year, RM5,000 as part of each pariner's salaries was paid by the firm. For the financial year ended 31 December 2023, the partnership has earned a net profit of RM80,300, after deducting an interest on loan from Yus of RM1,000. The interest was not yet paid. The following items have to be taken-into account in preparing the Profit and Loss Appropriation Account and Current Account: Balances on current accounts at 31 Jan 2023 Drawings for the year 2023 Required: Prepare Profit and Loss Appropriation Account for the year ended 31 December 2023. (15 marks)

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