Page 1 of 4 INTRODUCTION TO FINANCIAL ACCOUNTING PROBLEM SOLVING EXERCISES 2 REQUIRED Use the information provided below to prepare the following: 1.1 Current a/c: Jan in the general ledger 1.2 Appropriation a/c in the general ledger 1.3 Statement of net investment of partners INFORMATION The Information given below was extracted from the accounting records of Jansen Traders, a partnership business with Jan and Sen as partners. Balances in the ledger on 28 February 2023 Capital: Jan Capital: Sen R 600 000 400 000 Current a/c: Jan (01 March 2022) Current a/c: Sen (01 March 2022) Drawings: Jan Drawings: Sen a) b) Additional information 16 000 CR 12 000 DR 130 000 110 000 The net profit according to the Profit and loss account amounted to R450 000 on 28 February 2023. The partnership agreement makes provision for the following: Interest on capital must be provided at 18% per annum on the balances in the capital accounts. Note: The partners increased their capitals by R200 000 each on 01 September 2022. The capital changes have been recorded. The partners are entitled to the following monthly salaries: Jan R9 000 X Sen R8 000 108000 Jan is entitled to a bonus of 10% of the net profit before any appropriations are made. Jan and Sen share the remaining profits or losses equally. C 1. 1.1 INTRODUCTION TO FINANCIAL ACCOUNTING REVISION EXERCISES 2: ANSWER BOOK Lun DR CURRENT A/C: JAN Date Details Fol Amount Date Details CR Fol Amount 2023 Drawings Jan 130000 2022 Feb 28 Mar 01 16 000 2023 Intrat capital Feb 28 Annual Jalay 108 000 Special bonus 1.2 Mar 01 DR APPROPRIATION A/C Date Details Fol Amount Date Details Fol CR Amount 2023 2023 profH+ loss. 450 000 Feb 28 Feb 28 Workings: Interest on capital Jan Sen 455 000 A- Shift 1 End 2 + 3 PgDn PgUp + t Ctri Home End PgDn 1.3 STATEMENT OF NET INVESTMENT OF PARTNERS Profit for the period Share of remaining profit Jan Sen 0 Ins Del Enter R R