Solution-Prepare appropriation account for the year ended

Prepare appropriation account for the year ended march

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Reference no: EM132983164

The Partnership Agreement had the following
1. Interest on Capital is charged at 8 % per annum.
2. Interest on drawing is charged at 10% per annum
3. Dumb and Dumber are to be paid salaries of RM 12,000 and RM 14,400 per annum
respectively.
4. Dumb and Dumber share profits and losses at the ratio of 3:2 respectively.

Additional information:

(a) Inventory at 31 March 2021 was RM 25,000.
(b) Telephone bill for the month of April 2021 RM 780 has been included in the accounts and salary accrued for the year amounted to RM 5,000.
(c) Additional irrecoverable bad debts of RM 500 to be written off and provision for doubtful debt increased to RM 700.
(d) Depreciation for assets is as follows:
Premises 10 % p.a on straight line method
Machinery 20 % p.a on reducing balance method
Motor Vehicle 15 % p.a. on straight line method
(e) Interest on Mortgage Loan is outstanding at 31 March 2021.

Required:

Problem 1: Prepare Income statement, appropriation account for the year ended 31 March 2021 and a Statement of Financial Position as at that date.

Reference no: EM132983164

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Prepare appropriation account for the year ended march

Reference no: EM132983164

Reference no: EM132983164

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