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Please assist in answering all questions below Given information for the questions below: Kgabo Fresh Produce is an entity that operates a farm in Bela-Bela.
Please assist in answering all questions below
Given information for the questions below: Kgabo Fresh Produce is an entity that operates a farm in Bela-Bela. The following information is taken from the accounting records of the entity, a partnership with Seseni, Ramphele and Mboweni as partners in the business, at 29 February 2020 - the financial year end of the partnership. KGABO FRESH PRODUCE EXTRACT OF BALANCES AS AT 29 FEBRUARY 2020 R Capital: Seseni... 75 900 187 700 Capital: Ramphele Capital: Mboweni 111 000 Current account Seseni (Cr) 19 300 16 000 Current account Ramphele (Dr) Current account Mbowenl (Dr) Drawings: Seseni........ 15 400 46 800 Drawings: Ramphele...... 51 300 Land and buildings at cost 500 000 Equipment at cost. 250 700 25 000 Accumulated depreciation: Equipment.. Mortgage loan 76 000 Loan from Ramphele 31 300 Loan from Mboweni... 28 500 Bank overdraft 36 300 Trade payables control.... 46 900 Trade receivables control 48 800 Profit for the year 535 400 Additional information Abstract from terms of the partnership agreement: 1. The partners share profits equally 1. Each partner is entitled to a monthly salary of R13 100. 1. Interest of 6% per annum is charged on the partners' capital accounts. 1. Interest on current accounts of 5% per annum is charged on the opening balances of the partners current accounts. 1. 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. 1. 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 R17 000. This transaction is yet to be recorded by the accountant. Question 66 Which one of the following alternatives represents the correct interest on capital amount for Ramphele to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020? Select one: A. R 6440 B. R 7 554 C. R 11 262 D. R 11 250 E. R 6 660 Question 67 Which one of the following alternatives represents the correct interest on current account amount for Seseni to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020? Select one: A. R 965 B. R (966) C. R (965) D. R (800) E. R 800 Question 68 Which one of the following alternatives represents the correct interest on current account amount for Ramphele to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020? Select one: A. R 800 B. R 965 C. R (800) D. R (966) E. R (965) Question 69 Which one of the following alternatives represents the correct drawings amount for Seseni to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020? Select one: A. R 46 800 B. R 109 680 C. R 52 000 D. R 52 040 E. R 109 200 Question 70 Which one of the following alternatives represents the correct drawings amount for Mboweni to be disclosed under current accounts in the statement of changes in equity of Kgabo Fresh Produce for the year ended 29 February 2020? Select one: A. R 52 000 B. R 62 880 C. R 62 400 D. RO E. R 109 680Step by Step Solution
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