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Question 2 Draw up a profit and loss appropriation account for Abby, Bibby, and Ciccy for the year ending 30 June 2020, and a statement of financial position extract at that date, from the following: i

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Question 2 Draw up a profit and loss appropriation account for Abby, Bibby, and Ciccy for the year ending 30 June 2020, and a statement of financial position extract at that date, from the following: i. Net Profits RM 200,000. ii. Interest to be charged on capitals: Abby RM 3,600; Bibby RM 2,700; and Ciccy RM 2,100. iii. Interest to be charged on drawings: Abby RM 1,000; Bibby RM 800; and Ciccy RM 610. iv. Salaries to be credited: Abby RM 25,000 and Ciccy RM 30,000. V. Profits to be shared: Abby 50 per cent; Bibby 30 per cent; and Ciccy 20 per cent. vi. Current accounts: Abby RM 18,000; Bibby RM 8,000; and Ciccy RM 6,000. vii. Capital accounts: Abby RM 60,000; Bibby RM 45,000; and Cicey RM 35,000. viii. Drawings: Abby RM 26,000; Bibby RM 20,000; and Ciccy RM 18,000.