Tom and Jerry are in partnership sharing profits and losses equally. They are entitled to 6% per annum of interest on capital. Interest on drawings is at 4% per annum. Tom is paid a salary of RM80,000 per annum. Tom and Jerry have invested RM50,000 and RM30,000 in the partnership respectively. Tom made a withdrawal of RM10,000 from the partnership on 1 July 2019. Their profit before distribution for the year ended 31 December 2019 was RM120,000.

Question 2 Tom and Jerry are in partnership sharing profits and losses equally. They are entitled to 6% per annum of interest on capital. Interest on drawings is at 4% per annum. Tom is paid a salary of RM80,000 per annum. Tom and Jerry have invested RM50,000 and RM30,000 in the partnership respectively. Tom made a withdrawal of RM10,000 from the partnership on 1 July 2019. Their profit before distribution for the year ended 31 December 2019 was RM120,000. Required: Compute the share of profit for each partner. Show relevant workings. [10 marks]