Question
The statement of profit and loss of the partnership, Anita and Salwa Auditing, for the year ended 30 September 2021 is as follows. RM RM
The statement of profit and loss of the partnership, Anita and Salwa Auditing, for the year ended 30 September 2021 is as follows.
|
| RM | RM |
| Gross income |
| 300,000 |
| Less: Revenue expenses (all tax deductible) |
| (90,000) |
| Depreciation |
| (25,000) |
| Partners salary |
|
|
| Anita | 25,000 |
|
| Salwa | 15,000 | (40,000) |
|
|
| 145,000 |
|
|
|
|
| Interest on capital contribution |
|
|
| Anita | 1,500 |
|
| Salwa | 1,000 | (2500) |
|
|
| 142,500 |
| Private expenses |
|
|
| Anita | 3,500 |
|
| Salwa | 5,500 | (9,000) |
|
|
| 133,500 |
Anita and Salwa each share partnership profit in equal proportion.
Capital allowance for the year of assessment 2020 amounted to RM30,000.
Required:
- Compute the Statutory Income in respect of the partnership business for individual partners Anita and Salwa.
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Auditing A Risk Analysis Approach
Authors: Larry F. Konrath
5th Edition
032405789X, 9780324057898
