Adam, Banie and Saiful are partners sharing profit and

Adam, Banie and Saiful are partners sharing profit and losses in the ration 3:2:1 respectively. It was agreed between them that each partner will receive an interest on beginning capital balance of 10% per annum and will be charged interest on drawings at 6% per annum. As an active partner Saiful is to be paid monthly salary of RM1,800. The accounting period for the business ends at 31 December each year. On 30 September 2018, Banie decided to leave the partnership due to ill-health. A new partner, Dania was admitted into the partnership. The following terms were agreed upon with the changes:

Required:
a) Goodwill account.
b) Revaluation account.
c) The partners’ capital in a columnar form.
d) The current accounts in a columnar form.
e) The Statement of Profit and Loss and Appropriation Accounts for the year ended 31 December 2018. (Pre and Post-Period).
 

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