QSN: 2 The following information was taken from the books of Wooden Tiger Enterprises: Balances in the general ledger of Wooden Tiger Enterprises at the financial year-end - 28 February 20.10 Appropriations according to the partnership agreement at the financial year end 28 February 20.10: 1. Interest on capital must be appropriated at 4% per annum. Capital account balances remain constant. 2. Interest on drawings must be appropriated at 13% per annum, as if the drawings were made 4 months prior to the end of the financial year. 3. Interest on current accounts must be appropriated at 8% per annum (on opening balances). 4. Both partners must receive an annual salary at the end of the financial year: -W. Woods, R 19500 - T. Tiger, R 54600 5. T. Tiger must receive an annual bonus at the end of the financial year: R11700 6. R 23400 is to be transferred to the replacement reserve at the financial year-end. 7. The remaining profit must be split between the partners in the following ratio: - W. Woods: 5 - T. Tiger: 3 Required: (i) Open, post to and balance the appropriation account in the general ledger of QSN 3 The following information relates to Kilfenora Products CC: - Information on 1 March 20.7: Members' contributions R 420000 Retained earnings 36000 - Balances on 28 February 20.8: Land and buildings (cost price) R 465000 Equipment (carrying value) 42750 Vehicles (carrying value) 38400 Trading inventory 123570 Debtors control 78900 Creditors control 99000 Mortgage loan (Idyllic Bank: 20\% p.a.) 90000 Loan from A Fork: 15% p.a. 30000 Accrued income 1440 Prepaid expenses 1230 Accrued expenses 1020 SARS (income tax) (Debit) 53430 Bank overdraft 2700 Profit and loss (profit for the year before tax) 126000 - Additional information: - Income tax payable for the accounting period amounts to R 52500 . - Net profit of R 64500 must be distributed to the members. Required: Prepare the appropriation account for the year ended 28 February 20