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Prepare Statement of Comprehensive Income

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Question - Khadijah and Mariam sets up a pharmacy, KAM Pharma on 1" June 2019. The capital contributed by each partner were: Khadijah RM40,000 and Mariam RM25,000. Annual salaries to the partners were RM38,000 each. Interest on capital was 10% per annum based on the amount of opening capital balance. The profit sharing ratio is 3:1 respectively for Khadijah and Mariam.

Total revenues for the year was RM188,000, with Administrative Expenses RM18,000 and Selling Expenses RM10,000.

Required - Prepare Statement of Comprehensive Income (Extract) for the year ended 31 May 2020 by showing the division of net income or loss to each partner.

Reference no: EM133132638

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