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Yazid and Zakaria formed a partnership, YZ Resources last year. On 1 January 2021, they have capital balances of RM60,000 and RM50,000 respectively. During the
Yazid and Zakaria formed a partnership, YZ Resources last year. On 1 January 2021, they have capital balances of RM60,000 and RM50,000 respectively. During the year, the partnership earned a profit of RM80,000 and total drawings amounted to RM11,000 for Yazid and RM15,000 for Zakaria. The partnership's income-sharing agreement provides for the following: - Annual salaries of RM28,000 for Yazid and RM12,000 for Zakaria; - Interest at 10% on beginning capital balances; and - Remaining profit or loss to be shared 60% by Yazid and 40% by Zakaria. Required (a) Prepare the Division of Net Profit schedule for the partnership for 2021 . (b) Journalise the division of net profit for each partner. (c) Prepare a Partner's Capital Statement for 2021
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