PARTNERSHIPS The information given below was extracted from the accounting records of ZahSoo Traders, a partnership business with Zahs and Sophie as partners. The financial year ends on the last day of February each year. INFORMATION Balances in the ledger on 28 February 2021 R Capital: Zahs 400 000 Capital: Sophie 200 000 Current a/c: Zahs(01 March 2020) 20 000 (DR) Current alc: Sophie(01 March 2020) 33 000 (CR) Drawings: Zahs 200 000 Drawings: Sophie 180 000 The following must be taken into account: (a) The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2021 (c) The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Zahs Increased his capital by R100 000 on 01 September 2020. Sophie decreased his capital by R100 000 on the same date. The capital changes have been recorded. 1 The partners are entitled to the following monthly salaries: Zahs R12 000 R. Capital: Zahs 400 000 Capital: Sophie 200 000 Current alo: Zahs(01 March 2020) 22 000 (DR) Current a/c: Sophie(01 March 2020) 33 000 (CR) Drawings: Zas 200 000 Drawings: Sophie 180 000 The following must be taken into account: (a The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2021 (C) The partnership agreement makes provision for the following: 1 Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Zahs increased his capital by R100.000 on 01 September 2020. Sophie decreased his capital by R100 000 on the same date. The capital changes have been recorded. The partners are entitled to the following monthly salaries: Zahs R12 000 Sophie R13 000 Note: The partners' salaries were increased by 10% with effect from 01 December 2020 Zahs and Sophie share the remaining profits or losses in the ratio 1:1 2.1 Required (7 marks) Prepare the following account in the General ledger of ZahSoo Traders: Current a/c: Sophie (Balance the account.) 2.2 (13 marks) Required: Prepare the following account in the General ledger of ZahSoo Traders: Appropriation account (Close off the account.)