EXERCISE $6\mathrm{.}2$

The following information was taken from the financial records of Daleem Traders, a partnership with Dale and Hasheem as partners.

REQUIRED:

$6\mathrm{.}2\mathrm{.}1$ Use the information provided to complete the accounts in the General ledger of Daleem Traders for the financial year ending $28$ February $2018.$

$6\mathrm{.}2\mathrm{.}2$ Calculate the interest of each of the partners in the business on $28$ February $2018.$

INFORMATION:

The following balances and totals appeared in the Post$-$adjustment Trial balance of Daleem Traders on $28$ February $2018$:

$\backslash$table$[[$Capital: Dale,R$900000],[$Capital: Hasheem,$1200000],[$Current account: Dale $(1$ March $2017),140000($dr$.)],[$Current account: Hasheem $(28$ February $2018),90000],[$Drawings: Dale,$177800],[$Drawings: Hasheem,$215600],[$Net profit according to the Profit and loss account,$1308000]]$

Additional information:

$($a$)$ Partner Dale decreased his capital with R$300000$ on $31$ August $2017$ while partner Hasheem increased his capital with R$400000$ on $1$ January $2018.$

The partnership agreement stipulates the following:

$($a$)$ Both partners are entitled to interest on capital of $12\%$ per annum.

$($b$)$ Partner Dale is entitled to a salary of R$30000$ per month. His salary increases with $10\%$ on $1$ January every year. Partner Hasheem is awarded a salary of R$288000$ per year.

$($c$)$ A bonus of R$50000$ was awarded to partner Hasheem during the year.

$($d$)$ The remaining profit after the primary distribution of profits was taken into consideration is to be shared in the ratio $3$:$2$ between Dale en Hasheem.