21 Authode Acele AaBb socio- Heading Huding A Nam Nefeating Question 1 a) Reena and Tamara are in partnership and own an online business, Trendz', which sells fashionable teenage clothes. They share profits and losses in the ratio of Reena (30%) and Tamara (70%). Tamara is allowed a salary of 6,000 per annum and interest on capital is paid at 4% per annum based upon the opening capital balance. The following figures are extracted from their accounts for the year ended 30 September 2021 Net profit 38,000 Current accounts: Reena 500 (debit) Tamara 1,000 Drawings Reena 17,000 Tamara 14,000 Opening capital accounts: Reena 33,000 Tamara 20,000 Required: Prepare the partnership appropriation account for the year ended 30 September 2021 (4 marks) os od . 8: S. * & 4 5 6 7 8 9 0 R T Y U 0 P b) You have recently joined Trendz as a Junior Accountant. The Senior Accountant, Maya has explained that they are still recruiting more accountants and that she has a backlog of work to catch up with. She presents you with the following list of transactions that have not yet been recorded on Trendz accounting system. Date Transaction 1 October 2020 Trendz had an opening prepayment from the year ended 30 September 2020 of 425 relating to electricity 4 February 2021 Trendz purchased goods on credit worth 12,540 (excluding VAT) from their supplier Tom Jones. The VAT on this amount totalled 2.508 7 February 2021 Trendz paid 850 for insurance. Assume that the full amount has been incurred. 26 March 2021 Cash sales generated totalling 38,625 which included VAT of 6,435 Required: Prepare the journal entries to record the transactions/adjustments noted above (10 marks) e for Me 28 DI S A 4 5 6 & 7 8 9 0 R. T Y U 1 0 D c) The cash book/bank ledger for Trendz stowed a positive bank balance of 24,450 as at 30 September 2021, which did not match the bank balance shown on the bank statement. Careful checking of the bank statement against the ledger revealed: Deposits made into the bank by Trendz of 1,820 were not reflected on the bank statement A payment made by Trendz of 890 to one of their suppliers had not yet cleared/presented on the bank statement Bank charges of 65 had not been recorded in the ledger A cheque received from one of their customers, amounting to 126 was dishonoured by the bank. Required: Prepare the bank reconciliation and calculate the expected bank statement balance on 30 September 2021. (6 marks) Total 20 marks focus 2.8 85 DIL & 4 5 6 & 7 8 9 0 R