Max and Mbali decided to start a business as a partnership under the name of MALI Company. MALI Company commenced with business on 1 July 2019. The financial year-end is 30 June. Max contributed R100 000 cash as his capital contribution and Mbali contributed R50 000 cash as well as inventory with a value of R8 000. REQUIRED: Record the general journal entries for the establishment of partnership, MALI Traders. Question 3.2 (15 marks) The partnership agreement of SNEAH Traders provided for the following: Balances on 1 March 2020 Capital: Sne R 55 000 Ahritha R 45 000 Current account: Sne R 12 000 Aritha R 6 000 (debit) Net profit for the period R 164 000 Transactions during the year, not included in profit: Sne will be a full-time employee, and will receive a monthly salary of R7 000. Interest on drawings is to be charged at 15% per annum. Interest on capital will be paid at 12% per annum. Interest on current accounts will be charged at 8.5% per annum. The partners will share profits in the ratio of capital contributed. On 1 July 2020, Sne withdrew R5 000 in cash. On 1 December 2020, Sne withdrew goods at a cost of R3 000, this was drawings against expected profits. Sne drew R5 500 of her salary at the end of each month. REQUIRED: Record the journal entries for SNEAH Traders for the year-ended 28 February 2021.