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Please assist on answering the questions below NDIZA TRADERS BALANCES AS AT 30 JUNE 2021 Capital: Ukhozi Capital: Sparrow Current account: Ukhozi (Cr: 1 July
Please assist on answering the questions below
NDIZA TRADERS BALANCES AS AT 30 JUNE 2021 Capital: Ukhozi Capital: Sparrow Current account: Ukhozi (Cr: 1 July 2020) Current account: Sparrow (Dr: 1 July 2020) Drawings: Ukhozi (30 June 2021) Drawings: Sparrow (30 June 2021) Trade payables control Bank (Dr) Inventory Trade receivables control Allowance for credit losses Vehicle at cost Accumulated depreciation: Vehicles Prepayment: Equipment hire Profit for the year R90 000 R70 000 R2 500 R1 200 R4 590 R7 000 R54 930 R83 140 R22 500 R38 500 R260 R96 000 R11 500 R38 800 R62 500 2. Additional information: 2.1 Partnership agreement: : 2.1.1 The partners Ukhozi and Sparrow share profits and losses in the ratio of 3:2 respectively. 2.1.2 Interest is calculated at 12% per annum on the opening balances of the partners' capital and current accounts. 2.1.3 Both partners are entitled to a salary of R15 000 per month. On 30 June 2021, the partners were paid R10 000 each as monthly salaries. This information is yet to be recorded in the books of the partnership. 2.2 Year-end adjustments: 2.2.1 Ukhozi's mother-in law decided to lend R100 000 to the partnership on 30 June 2021 to enable them to buy land for development. The R100 000 will be a long-term loan to the partnership, with interest calculated at 8% per annum and will be repayable in equal instalments over 10 years. The first instalment is due on 30 June 2022 QUESTION 25 Which one of the following alternatives represents the correct amount that must be disclosed as total equity in the statement of changes in equity of Ndiza Traders for the year ended 30 June 2020? A. R163 750 B. R161 250 C.R161 300 D. R160 000 E. R149 760 Question 26 Which one of the following alternatives represents the correct amount that must be disclosed as drawings in the statement of changes in equity of Ndiza Traders for the year ended 30 June 2021? A. R360 000 B. R251 490 C. R240 000 D. R251 590 E.R371 490 Question 27 Which one of the following alternatives represents the correct amount that must be disclosed as property, plant and equipment in the statement of financial position of Ndiza Traders as at 30 June 2021? A. R 84 400 B. R134 800 C. R 84 500 D. R 96 000Step by Step Solution
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