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KGABO FRESH PRODUCE EXTRACT OF BALANCES AS AT 29 FEBRUARY 2020 Capital: Seseni. Capital: Ramphele Capital: Mboweni R Current account Seseni (Cr) Current account Ramphele
KGABO FRESH PRODUCE EXTRACT OF BALANCES AS AT 29 FEBRUARY 2020 Capital: Seseni. Capital: Ramphele Capital: Mboweni R Current account Seseni (Cr) Current account Ramphele (Dr) Current account Mbowenl (Dr) Drawings: Seseni. Drawings: Ramphele. Land and buildings at cost Equipment at cost.. Accumulated depreciation: Equipment. Mortgage loan Loan from Ramphele Loan from Mboweni. Bank overdraft Trade payables control Trade receivables control Profit for the year 535400 onal information from terms of the partnership 1. The partners share profits equally 2. Each partner is entitled to a monthly salary of R13 100 . 3. Interest of 6% per annum is charged on the partners' capital accounts. 4. Interest on current accounts of 5% per annum is charged on the opening balances of the partners current accounts. 5. 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 partner's annual salaries. 2. 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 R17000. 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
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