Question 1 of 10

2.0 Points

The information below relates to questions 1 10.

Junior and Owami are the partners of JO Suppliers and the following information is presented to assist in the preparation of the financial statements for the year ended 30 September 20.4.

EXTRACT OF BALANCES AT 20 SEPTEMBER 20.4:

	R
Capital: Junior (1 August 20.3) Cr	992 200
Capital: Owami (1 August 20.3) Cr	749 090
Current account: Junior (1 August 20.3) Cr	74 910
Current account: Owami (1 August 20.3) Dr	46 820
Drawings: Junior	8 330
Drawings: Owami	5 210
Allowance for credit losses	2 500
Equipment	99 360
Profit for the year	619 460
Accumulated depreciation	14 680
Land and buildings	1 513 790
Trade receivables control	93 960
Long-term loan from Junior	65 970
1. Terms of the partnership agreement:
1.1 Interest charged per annum on the opening balances of the partners capital accounts.	6%
1.2 Interest charged per annum on the opening balances of the partners current accounts.	7%
1.3. Partner's monthly salaries are as follows
1.3.1. Junior salary	16 940
1.3.2. Owami salary	12 490
1.4. Junior and Owami share profits in the ratio of 3:2 respectively.

2. Year-end adjustments:

2.1 The long-term loan from Junior was acquired at 1 August 20.2 and bears interest at a rate of 10% per annum payable on 1 September every year. The loan will be repaid in full on 30 September 20.4

2.3 On 30 September 20.4, a bonus amounting to R20 000 was paid to each partners' personal bank account. On the same date, Junior decided to transfer his bonus to the partnership's capital account. This transaction is not recorded.

2.4. On 15 September 20.4, Junior paid R10 000 and R4 000 for entertaining clients and his family respectively using the partnership credit card. This transaction is not recorded.

QUESTION 1

Which one of the following alternatives represents the correct total capital contribution: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  992 200

• B.

  902 000

• C.

  1 012 200

• D.

  922 000

• E.

  820 000

• F.

  840 000

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Question 2 of 10

2.0 Points

QUESTION 2

Which one of the following alternatives represents the correct total capital contribution: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  922 000

• B.

  720 000

• C.

  820 000

• D.

  734 400

• E.

  749 090

• F.

  840 000

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Question 3 of 10

2.0 Points

QUESTION 3

Which one of the following alternatives represents the correct interest on current account: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  (2 250)

• B.

  (3 672)

• C.

  2 250

• D.

  3 277

• E.

  (3 277)

• F.

  3 672

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Question 4 of 10

2.0 Points

QUESTION 4

Which one of the following alternatives represents the correct interest on current account: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  5 875

• B.

  2 250

• C.

  5 244

• D.

  3 277

• E.

  3 600

• F.

  3 672

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Question 5 of 10

2.0 Points

QUESTION 5

Which one of the following alternatives represents the correct interest on capital: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  149 880

• B.

  144 000

• C.

  65 600

• D.

  146 880

• E.

  59 532

• F.

  45 100

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Question 6 of 10

2.0 Points

QUESTION 6

Which one of the following alternatives represents the correct amount for salary: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  149 880

• B.

  12 240

• C.

  12 000

• D.

  146 880

• E.

  144 000

• F.

  12 490

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Question 7 of 10

2.0 Points

QUESTION 7

Which one of the following alternatives represents the correct amount for salary: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  16 940

• B.

  168 000

• C.

  14 000

• D.

  203 280

• E.

  15 400

• F.

  184 800

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Question 8 of 10

2.0 Points

QUESTION 8

Which one of the following alternatives represents the correct drawings: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  (25 100)

• B.

  (25 210)

• C.

  (5 210)

• D.

  (5 000)

• E.

  (5 100)

• F.

  (25 000)

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Question 9 of 10

2.0 Points

QUESTION 9

Which one of the following alternatives represents the correct drawings: Junior disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  (32 000)

• B.

  (8 000)

• C.

  (32 160)

• D.

  (8 160)

• E.

  (32 330)

• F.

  (8 330)

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Question 10 of 10

2.0 Points

QUESTION 10

Which one of the following alternatives represents the correct partners share of total comprehensive income: Owami disclosed in the statement of changes in equity of JO Suppliers for the year ended 30 September 20.4?

• A.

  47 943

• B.

  47 900

• C.

  60 400

• D.

  47 500

• E.

  60 643

• F.

  47 540

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