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Can I please get the awnser for question s 1 (accounting) he following information was taken from the books of Nhlakanipho & Shaun: Balances in
Can I please get the awnser for questions 1 (accounting)
he following information was taken from the books of Nhlakanipho \& Shaun: Balances in the eneral ledger of Nhlakanipho \& Shaun at the financial year end - 31 March 2019 5. Shaun must receive an annual bonus at the end of the financial year: R42000.00 6. R 63000.00 is to be transferred to the general reserve at the financial year-end. 7. The remaining profit must be split between the partners in the following ratio: - Nhlakanipho-4 - Shaun -3 REQUIRED: Open, post to and balance the following accounts in the general ledger of Nhlakanipho \& Shaun for the year ended 31 March 2019. 1.1. Appropriation account (10) 1.2. Current: Nhlakanipho (10) 1.3. Current: Shaun (10) Appropriations according to the partnership agreement at the financial year end 31 March 2019: 1. Interest on capital must be appropriated at 8% per annum. Capital account balances remain constant. 2. Interest on drawings must be appropriated at 15% per annum, as if the drawings were made 7 months prior to the end of the financial year. 3. Interest on current accounts must be appropriated at 11% per annum fon opening balances). 4. Both partners must receive an annual salary at the end of the financial year: Nhlakanipho - R 36750.00 Shaun - R 73500.00Step by Step Solution
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