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(Total: 30 mars) QUESTION 4 Kelly, Kayla and Kathy are partners in Karisma Trading sharing profits or losses in the proportion of 3 1:2 respectively. The partnership agreement states the following 7Kelly and Kathy are entitled to a monthly salary of RM2,500 and RM2,000 Interest on capital is at 5% per annum. Interest on drawings is at 7% per annum. The following balances were obtained from the partnership books for the financial year ended 31 December 2015 DEBITIRM) CREDIT(RM) 283,030 Gross Profit 136,580 79,700 expenses Selling and Distribution expenses Rental income Land at cost Other non-current assets at cost Accumulated depreciation as at 1 January 2015: 10,400 125,000 94,000 Other non-current assets 25,000 33,600 Accounts Receivable and Accounts Payable Bank 15,300 41,250 41,700 inventories as at 31 December 2015 Capital Accounts as at 1 January 2015: Kayla Kathy 75,000 20,000 43,000 Current accounts as at 1 January 2015: - Kelly Kayla Kathy 20,650 4,850 Loan from Kayla 11,700 16,000 538,380533


Additional information: Oth er non-current assets are to be depreciated at 10% per annum on reducing o depreciation is to be provided on land. 2. The partners are entitled to 8% interest per annum on any advances or loan provided to the partnership The following accruals and prepayments are to be adjusted at the end of the accounting period: Rental income received in advance Administrative expenses accrued RM820 Pr RM650 KE cL The following were cash drawings made by partners, but have not yet been recorded: Kelly Kayla Kathy RM1,100 (taken on 1 March 2015) RM2,500 (taken on 30 April 2015) RM1,800 (taken on 1 May 2015) Required: a. Statement of Profit or Loss for the year ended 31 December 2015. (8 marks) b. Appropriation Account for the year ended 31 December 2015 (5 marks) c. State any TWO (2) items that should be recorded in the Partners Current Account. (2 marks) Assuming that the partnership is using fixed capital account. (Total: 15 marks)


No: dvestion 4 Date: Profit or Lees Appropri ction Sys Net Profit ke//y → //00 ヌン.> % Kaths Less Salory Rm 6 364 3o, 000 4, 004,000) Les c Interest on capital C5%) ke//y (FS,oo。* c.r.) 0 c % ) 3,750 ,o00 心,000 x 87s Co C ,8G4 Shore of Profit kery C3/sx G864 ) 3,43a C,8 64


Cb) Relly 83 675000,000 42,o00 000 lao,000 142,000 子5,000-0,000 | 42,000 8s, c/c/ Current Ace 11,70 0 4,00 o Rabld 4,850 eres ON rowin 30, 000 eresy on 370 Dosing n91100 Loon inferest on Profh 38,s a/ c/o 57,835 3,466 40,138 54,832|93,461 | 40,139 ii) Profiy hoAev in Drowin9

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