Question 1 [25 Marks] FunTaxit is a partnership between Miriam, Janey and Geraldo. They are all professional accountants and provide taxation services to clients across Namibia. The following are the draft balances in the records of FunTaxit as at 30 April 2016: Date Details Debit Credit N$ N$ 30 Apr '16 111,000 35,200 4,600 97,760 50.800 37,500 33,600 Property plant and equipment Inventories 30/04/2016 Prepaid Income Tax Trade receivables Trade payables Bank overdraft Drawings Miriam Drawings Janey Drawings Geraldo Capital: Miriam Capital: Janey Capital: Geraldo Current account: Miriam Current Account: Janey Current Account: Geraldo Profit for the year (before appropriation) 30,000 46.400 60,000 40.000 50,000 35,500 30.240 53,200 239,200 477,500 477,500 The partnership agreement of FunTaxit makes provision for the following: Capital will remain unchanged, namely: Miriam N$ 60.000 Janey N$ 40.000 Geraldo N$ 50.000 At the end of each year the partners are burdened with interest on their drawings. For the year ended 30 April 2016, interest amounts to N$ 3,360, N$ 3,000 and N$ 4,840 for Miriam, Janey and Geraldo respectively. Each partner receives interest on his capital at 10% per annum Miriam and Janey both receive salaries of N$ 8.000 per annum, but Geraldo gets NS 6,000 per annum plus a bonus of 10% of the profit, after interest and salaries have been taken into account iv It should be diudend in the ratio 12: 6:2