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Yeung, Kim and Chong are in a partnership sharing profits and losses in the ratio...

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Accounting

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Yeung, Kim and Chong are in a partnership sharing profits and losses in the ratio of 2:2:5 respectively. The partnership agreement provides the following terms: 1 No interest is paid or charged on the current account 2 8% interest is provided on the capital account balances 3 Interest on drawings is charged at 10% per annum on a pro-rata basis Yeung, the Operation Manager and Kim, the Financial Controller, manage the day-to-day business and they are paid a salary of $280,000 and S195,000 per annum respectively The balances of the capital accounts and current accounts as at 1 January 2017 were as follows Capital account Current account Yeung Kim Chong 200,000 200,000 500,000 25,000 15,000 12,000 The partners' drawings during the year were as follows Yeung - on 1 July 2017 Kim -on 1 April 2017 Chong- on 1 Oct 2017 50,000 65,000 20,000 The net profit (before appropriation to the partners) for the year ended 31 December, 2017 was $550,600

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