Ref5‐校内考试‐2020 上半年统测 

Jay and Hannah are in partnership, sharing profit and losses in the ratio 3:2 respectively. The following Trial
Balance has been extracted from the books of the partnership at 30 June Year 9.

Debit Credit
RM RM
Net Profit for the year (before recording of interest on loan from partner) 70,500
Land and Building 150,000
Motor Vehicles 55,000
Accumulated Depreciation of Motor Vehicles 5,500
Inventory, 30 June Year 9 35,500
Accounts Receivable and Accounts Payable 25,000 19,000
Bank 24,700
Drawings - Jay 5,000
Partner’s Salary - Hannah 27,500
Loan from CIMB 40,000
Loan from Jay (1 January Year 9) 20,000
Capital Accounts, 1 July Year 8
- Jay 100,000
- Hannah 65,000
Current Accounts, 1 July Year 8
- Jay 5,500
- Hannah 2,800
325,500 325,500

Additional information :
(i) The terms of the partnership agreement are as follows:
a. Hannah’s salary is RM 2,500 per month.
b. Interest on capital of 8% per annum is allowed to each partner.
c. Interest is to be charged on drawings at a rate of 5% per annum.
d. Loan interest is to be charged at 5% per annum according to the period taken.
(ii) Jay increased his capital to RM 120,000 into the business, while Hannah withdrew cash RM 4,000
for her personal use on 1 April Year 9.
(iii) Hannah was to be received an allowance of RM 2,000. The sum had not yet been included in the
account.

REQUIRED:
(a) Income Statement (extract) for the year ended 30 June Year 9;
(b) Partners’ Current Account (in columnar form).
   
Ref 6 ‐校内考试‐2019 上半年统测 

Yu and Han are partners in wholesale business. The business Trial Balance as at 31 December 2018 was as follows:
Debit Credit
RM RM
Gross Profit For The Year 136,000
Premises 150,000
Motor Vehicles 70,000
Accumulated Depreciation - Motor Vehicles 14,000
Inventory, 31 December 2018 20,000
Discounts 700 300
Administration Expenses 42,000
Profit on Disposal of Motor Vehicles 5,000
Selling and Distribution Expenses 11,000
Loan From Han 30,000
Bank 6,000
Accounts Receivable and Accounts Payable 40,000 38,200
Partner's Salaries - Yu 13,000
Drawings by Yu 2,000
Current Accounts, 1 January 2018
- Yu 1,300
- Han 2,500
Capital Accounts, 1 January 2018
- Yu 80,000
- Han 50,000
356,000 356,000
Additional Information:
(i) The terms of the partnership agreement were as follows:
a. Interest was allowed on partners’ capital at 8% per annum.
b. Interest was charged on partner’s drawings at 5% per annum.
c. Yu was entitled to an annual salary of RM 15,000.
d. Loan interest at 8% per annum was to be paid on partner’s loan.
e. Profits and losses were to be shared equally.
(ii) A bad debt of RM 800 is to be written off. Allowance for Doubtful Debts is to be made on 5% of
the remaining accounts receivable.
(iii) Administration expenses owing was RM 600.
(iv) Motor Vehicles was to be depreciated at 20% per annum on cost.

You are required to prepare:

a. Income Statement (extract) for the year ended 31 December 2018;
b. Partners’ Current Account (in columnar form).
   
Ref 7‐校内考试‐2019 高三年中考 Q2 
Amy and Ben are partners sharing profits and losses equally. The terms of their agreement are:
(i) Interest on capital was to be allowed at 10% per annum based on the initial capital;
(ii) Ben was allowed a salary of RM 1,400 per month;
(iii) Drawings are charged with interest at 5% per annum calculated from the date when the drawings are made;
(iv) Loans from partners are allowed at 8% interest per annum.

The following information was extracted from the books on 31 December 2018 after the preparation of the Trading
and Profit and Loss Account:
Debit Credit
RM RM
Buildings 74,000
Furniture and Fixtures 38,500
Inventory, 31 December 2018 28,200
Motor Vehicles 50,000
Accounts Receivable and Accounts Payable 27,300 21,800
Bank 20,200
Net Profit for the year (before deduction of interest on loan from partner) 56,600
Mortgage on Buildings 36,000
Loan from Amy 20,000
Capital Accounts, 1 January 2018 - Amy 80,000
- Ben 40,000
Current Accounts, 1 January 2018 - Amy 6,000
- Ben 2,000
Partner’s Salary - Ben 15,400
Drawings - Ben (1 July 2018) 4,800
260,400 260,400

You are required to prepare for the partnership:

(a) Partners’ Current Account in columnar form;
(b) Income Statement (Extract) for the year ended 31 December 2018.
   
Ref 8‐ 
Ally and Chris are partners in wholesale business. The terms of the partnership agreement are as follow:
(i) Profits and losses are shared in proportion to their initial capital.
(ii) Ally’s salary is RM 1,500 per month.
(iii) Interest on capital is 10% per annum.
(iv) Interest on drawings is 8% per annum according to the period taken.
(v) Loans from partners are allowed at 8% interest per annum.

The following was the Trial Balance of the partnership as at 31 December 2017:

Debit Credit
RM RM
Gross Profit 114,000
Freehold Premises 150,000
Motor Vehicles at cost 80,000
Accumulated Depreciation of Motor Vehicles 16,000
Inventory, 31 December 2017 14,000
Bank 9,000
Trade Receivables and Trade Payables 25,200 27,000
Insurance Expenses 8,000
General Expenses 16,000
Rental Income 28,000
Bad Debts 5,000
Carriage Outwards 800
Wages And Salaries 44,000
Partner’s Salaries - Ally 15,000
Capital Accounts, 1 January 2017 - Ally 100,000
- Chris 50,000
Current Accounts, 1 January 2017 - Ally 2,000
- Chris 6,000
Drawings - Chris (cash withdrawal on 30 June 2017) 10,000
Loan from Ally (made on 1 October 2017) 20,000
370,000 370,000

Additional Information:

(i) To create 4% of the total trade receivables as an allowance for doubtful debts.
(ii) Rental Income received included an amount of RM 2,000 deposit in advance.
(iii) RM 2,000 of the insurance expenses were paid in advance.
(iv) Wages and salaries accrued were RM 4,000.
(v) To provide depreciation on motor vehicles at a rate of 20% on reducing balance basis.

You are required to prepare:

(a) Income Statement for the year ended 31 December 2017
(b) Partners’ Current Account in columnar form