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ACC407-section B

The document contains accounting records for capital, current, and appropriation accounts for three partners (A, B, C) of a business. It shows the capital contributions, interest, drawings, shared profits, and minimum profit for partner C of the business for the year ending November 30, 2022.

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158 views3 pages

ACC407-section B

The document contains accounting records for capital, current, and appropriation accounts for three partners (A, B, C) of a business. It shows the capital contributions, interest, drawings, shared profits, and minimum profit for partner C of the business for the year ending November 30, 2022.

Uploaded by

anissyafiqahh17
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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a.

Capital Account
Debit (RM) Credit (RM)
A B C A B C

100,000.0 80,000.0 60,000.0 100,000.0 50,000.0


bal b/d 0 0 0 bal b/d 0 0 60,000.00

30,000.0
0

100,000.0 80,000.0 60,000.0 100,000.0 80,000.0


0 0 0 0 0 60,000.00

b. Current Account
Debit (RM) Credit (RM)
A B C A B C
bal b/d 5,000.00 bal b/d 8,000.00 7,000.00

Interest on Interest on
drawing 5% 26.25 capital 8% 8,000.00 4,400.00 4,800.00

Interest on
Drawing 700.00 loan 6% 2,750.00

Shared of 59,026.0
profit 118,051.00 0 90,000.00

63,426.0
5,000.00 726.25 136,801.00 0 101,800.00
c. Appropriation statement of profit or loss for the year end 30 Nov 2022

Net profit before adjustment 330 000


+:
Interest on drawing 26.25
-:
Interest on capital
A (8 000)
B (4 400)
C (4 800)
Interest on loan (2 750)
Salaries (12 000 x 3) (36 000)
Depreciation (7 000)
Net profit after adjustment 267 076

Shared of profit 2:1:1


A 2/4 x 267 076 133 538 – 15 487
B 1/4 x 267 076 66 769 – 7 743
C 1/4 x 267 076 66 769

C minimum profit 90 000 > 23 231

A 2/3 x 23 231 15 487


B 1/3 x 23 231 7 743

New shared profit:


A 118 051
B 59 026
C 90 000

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