Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NeOUNED Wes 31 Etstement of Net imestrient of Peitners 3.2 Cument ala Btan in the oeneral ledoet. Note the parther's dranings must be (12 marks)

image text in transcribed

NeOUNED Wes 31 Etstement of Net imestrient of Peitners 3.2 Cument ala Btan in the oeneral ledoet. Note the parther's dranings must be (12 marks) transforred to his current acoount Batance the account. (8 marks) INFORMATION Extract from the ledger of Stanger Traders on 28 February 2023 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R600 000. (b) The partners are entitled to interest at 12% p.a. on their capital balances. Note: Stan increased his capital contribution by R100 000 on 01 June 2022 whilst Gerald decreased his capital balance by R100 000 on 31 August 2022. This capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Stan R10000 Gerald R8 000 The partners' salaries were increased by 10% with effect from 01 December 2022. (d) Stan is entitled to a bonus equal to 10% of the net profit before any of the above appropriations have been considered. The remaining profit/shortfall must be shared between Stan and Gerald 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

Step: 3

blur-text-image

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

Rethinking Clinical Audit Psychotherapy Services In The NHS

Authors: Rachael Davenhill, Matthew Patrick

1st Edition

0415162084, 978-0415162081

More Books

Students also viewed these Accounting questions