Partnership - additional question Exercise: Question 1 Andy and David started a partnership of providing...
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Partnership - additional question Exercise: Question 1 Andy and David started a partnership of providing auditing services on 1 January 2007 and prepared their accounts to 31 December annually. RM RM Gross profit 160,000 Less: Salaries - Andy 36.000 - David 28.000 - Staff 26.400 Office rental 18.000 Postage and stationery 680 Interest on partners' capital - Andy 3,000 - David 5.000 Depreciation 1,840 Renovation of office premises 2.800 Life insurance of Andy 1.630 Approved cash donation 1.000 124 350 Net profit 35,650 The profit sharing ratio is 70% to Andy and 30% to David. Capital allowances for the Y/A 2007 amount to RM 1,800. Required: (a) Compute the provisional adjusted income / loss and divisible income / loss of the partnership for the Y/A 2007 (b) Compute the adjusted income / loss, capital allowances and approved donation allocated to each partner for the Y/A 2007
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