Partnership Accounts (1) 13 May 2020 Homework

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On 1 April 2019, Andy and Boon were in a partnership sharing profits and losses in proportion to their capital. Andy contributed cash RM 8,000 and Boon RM 4,000

The partnership deed provided that

  • Interest will be allowed on capital at 5% per annum 
  • Interest will be charged on drawings at 4% per annum
Other information:
  
 

The trading profit for the year ended 31 March 2020 was RM 7,200. The partners have decided to have a fixed capital account 

You are required to prepare accounts for 

A) Partners' Capital
B) Partners' Current 
C) Profit and Loss Appropriation Accounts for the year ended 31 March 2020
         

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