Question 2 (16 marks: 29 minutes) Mark and Tom are partners in a computer store trading as Blink Computers. They share profits and losses in the ratio 3:2 On 28 February 20.10 the statement of position indicated the following: BLINK COMPUTERS STATEMENT OF FINANCIAL POSITION ON 28 FEBRUARY 20.10 ASSETS Non current assets lant and equip (land and buildin 1 000 000 Current Assets Inven Cash and cash equivalent (land and building 220 000 44 000 Total assets EQUITY AND LIABILITIES 400 000 200 000 350 000 150 000 100 000 ital: Mark ital: Tom Current account: Mark Current account : Tom General reserve Non- current liabilities Interest-free long term loan 64 000 Total equity and liabilities 1. 2. 3. On 1 March 20.10 Travis obtained a one third (1/3) interest in the partnership by depositing R650 000 into the cheque account of the partnership. The partners do not want to show the general reserve on the statement of financial position after the admission of Travis. The partner agreement states the following: a) Each partner is entitled to salary of R5 000 per month. b) Partners are entitled to interest on capital of 10% of the opening balance of their capital accounts. Newly admitted partners earn 10% of their capital contribution apportioned for the number of months that they served as partners. 4. Sales for the year amounted to R3 000 000. All sales were made in cash