Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Extract from the ledger as at 31 December 2021 DR CR (R) (R) Capital: Meena 80 000 Capital: Jane 70 000 Current account: Meena

image text in transcribed

Extract from the ledger as at 31 December 2021 DR CR (R) (R) Capital: Meena 80 000 Capital: Jane 70 000 Current account: Meena (1 January 2021) 15 000 Current account: Jane (1 January 2021) 16 500 Drawings: Meena 17 600 14 000 Drawings: Jane The following must be considered: a) b) d) The net profit for the financial year ended 31 December 2021 amounted to R232000. The partners are entitled to interest at 10% per annum on their capital balances. Interest on drawings is charged at 5% per annum. The partners are entitled to the following monthly salaries: Meena R6 000 Jane R4 800 e) Meena is entitled to a bonus R12 000. f) The balance of the profit must be shared between Meena and Jane in the ratio 3:2 respectively.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Human Resource Management

Authors: Robert L. Mathis, John H. Jackson

13th Edition

053845315X, 978-0538453158

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago