KGABO FRESH PRODUCE EXTRACT OF BALANCES AS AT 29 FEBRUARY 2020
	R
Capital: Sesenl......................................................................................................	75 900
Capital: Ramphele ...............................................................................................	187 700
Capital: Mboweni .................................................................................................	111 000
Current account Seseni (Cr) ..................................................................................	19 300
Current account Ramphele (Cr) ...........................................................................	16 000
Current account Mbowenl (Dr) ..............................................................................	15 400
Drawings: Seseni..................................................................................................	46 800
Drawings: Ramphele............................................................................................	51 300
Land and buildings at cost .......................................................................................	500 000
Equipment at cost.................................................................................................	250 700
Accumulated depreciation: Equipment....................................................................	25 000
Mortgage loan .....................................................................................................	76 000
Loan from Ramphele .............................................................................................	31 300
Loan from Mboweni..............................................................................................	28 500
Bank overdraft ....................................................................................................	36 300
Tradepayables control...........................................................................................	46 900
Trade receivables control.......................................................................................	48 800
Profit for the year ................................................................................................	535 400

Additional information

Abstract from terms of the partnership agreement:

1. The partners share profits equally

1. Each partner is entitled to a monthly salary of R13 100.

1. Interest of 6% per annum is charged on the partners capital accounts.

1. Interest on current accounts of 5% per annum is charged on the opening balances of the partners current accounts.

1. As a well-known wagyu beef expert in the country, Mboweni is entitled to an annual bonus equal to 18% of her annual salary.

Year-end adjustments:

1. Due to the draught and penalties incurred on defective produce, the farm experienced working capital challenges and only managed to pay 40% of the partners annual salaries.

1. On 31 October 2019, Seseni made an additional capital contribution to the partnership comprising of an old tractor valued at R33 000 and cash amount of R17 000. This transaction is yet to be recorded by the accountant.

Which one of the following alternatives represents the correct capital amount for Seseni in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020?

Select one:

a.R 187 000

b.R 75 000

c.R 125 900

d.R 144 000

e.R 125 000

Question 60

Select one:

a.R 187 500

b.R 75 900

c.R 125 000

d.R 144 000

e.R 187 700

Question 61

Question text

Which one of the following alternatives represents the correct capital amount for Mboweni in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020?

select one:

a.R 144 000

b.R 111 000

c.R 75 900

d.R 187 700

e.R 125 000

Question 62

Question text

Which one of the following alternatives represents the correct total salaries and bonus amount for Mboweni to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020?

Select one:

a.R 156 000

b.R 14 900

c.R 13 000

d.R 185 496

e.R 179 400