SEMESTER 2 SESSION 2021/2022 PART B Instruction: Answer all questions [Total 80 Marks] Question 1 a) b) Briefly explain the characteristics of a partnership as a business entity. (6 Marks) JimMie Beauty Enterprise is a beauty shop located in Kota Samarahan with a paid- up capital of RM1.2 million. The following information is related to the partners. Capital contribution Jimmy RM20,000 Current account RM4,000 Drawings RM4,700 Salaries per annum RM12,000 Mimie RM25,000 RM5,000 RM6,500 RM14,000 Additional information: The net profit for the year ended 30 September 2021 was RM74,000 ii. Interest on drawing as at 5% per annum Interest on capital is at 5% per annum iv. The profit-sharing ratio between Jimmy and Mimie is 2:3 Required: Prepare the appropriation account, current account and capital accounts of the partners. (14 Marks) [Total: 20 Marks]